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2021-03-23

Tiger please refill free commision ?

After a big first year, expect smaller and choppier gains from the rest of this bull market

2021-03-19

Can't seem to get rewards

S&P 500 opens flat, heads for losing week as rising rate fears linger

2021-04-26

Help me out by liking! Ty!

What to watch in the markets this week

2021-04-07

Nio huat huat

Best Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet

2021-03-19

Nicee

China’s Tuya Is Poised to Raise $915 Million in U.S. IPO

2021-04-23

Can't wait for ipo

ByteDance says it has no recent plans for public listing

2021-04-01

Like for huat

UP Fintech Holding Limited Posts 136% Revenue Growth in 2020

2021-03-19

Yea tsla

New Electric Vehicle Investment Roadmap

2021-03-18

Seeing the rise...

Asian stocks set to mostly rise after Fed projects U.S. GDP surge

Go to Tiger App to see more news

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to watch in the markets this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-25 10:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GOOG":"谷歌","AAPL":"苹果",".SPX":"S&P 500 Index","GOOGL":"谷歌A","AMZN":"亚马逊",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184404050","content_text":"KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product and the Fed’s favorite inflation measure: the personal consumption expenditures deflator.The final week of April is going to be a busy one for markets with a Federal Reserve meeting and a deluge of earnings news.Hot topics in markets will continue to be inflation and taxes.President Joe Biden is expected to detail his “American Families Plan” and the tax increases to pay for it, including a much higher capital gains tax for the wealthy.The plan is the second part of his Build Back Better agenda and will include new spending proposals aimed at helping families. The president addresses a joint session of Congress Wednesday evening.It’s a huge week for earnings with about a third of the S&P 500 reporting, including Big Tech names, such as Apple,Microsoft,Alphabet and Amazon.As many have already done, firms like Boeing, Ford,Caterpillar and McDonald’s, are likely to detail cost pressures they are facing from rising materials and transportation costs and supply chain disruptions.At the same time, the Fed is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. The central bank meets on Tuesday and Wednesday.The central bank takes the main stage“I think the Fed would like not to be a feature next week, but the Fed will be forced from the background because of concerns about inflation,” said Diane Swonk, chief economist at Grant Thornton.The central bank is not expected to make any policy moves, but Fed Chairman Jerome Powell’s press briefing following the meeting Wednesday will be closely watched.So far, the barrage of earnings news has been positive, with 86% of companies reporting earnings beats. Corporate profits are expected to be up about 33.9% for the first quarter, based on estimates and actual reports, according to Refinitiv. Revenues are about 9.9% higher.There is important inflation data Friday when the Fed’s preferred inflation gauge is reported.The personal consumption expenditure report is expected to show a 1.8% rise in core inflation, still below the Fed’s target of 2%. Other data releases include the first-quarter gross domestic product on Thursday, which is expected to have grown by 6.5%, according to Dow Jones.“I think the Fed has no urgency to shift monetary policy at this point,” said Ian Lyngen, head of U.S. rates strategy at BMO. “The Fed needs to acknowledge that the data is improving. We had a strong first quarter.”“The Fed needs to acknowledge that but at the same time they’re keeping extremely accommodative policy in place, so they’ll have to make a note to the fact that the easy policy is warranted,” he said.Lyngen said the Fed will likely point to continued concerns about the pandemic globally as a potential risk to the economic recovery.Powell is also expected to once more explain that the Fed will let inflation rise above its 2% target for a period of time before it raises rates so that the economy can have more time to heal. “It’s going to be a challenge for the Fed,” said Swonk.The base effects for the next several months will make inflation appear to have jumped sharply because of the comparison to a weak period last year. The consumer price index for April could be above 3%, compared to 2.6% last month, Swonk added.“The Fed is trying to let a lot more people get out onto the dance floor before it calls ‘last call,’” she said. “Really what Powell has been saying since day one is if we take care of people on the margins and bring them back into the labor force, the rest will take care of itself.”Stocks were slightly lower in the past week, and Treasury yields held at lower levels. The 10-year yield,which moves opposite price, was at 1.55% Friday.The S&P 500was down 0.1%, ending the week at 4,180, while Nasdaq Composite was down nearly 0.3% at 14,016. The Dow was off just shy of 0.5% at 34,043.Tax hike prospectsStocks were hit hard on Thursday when after a news report said that Biden is expected to propose a capital gains tax rate of 39.6% for people earning more than $1 million a year.Combined with the 3.8% net investment income tax, the new levy would more than double the long term capital gains rate of 20% or the richest Americans.Strategists said Biden is expected to propose raising the income tax rate for those earning more than $400,000.“I think a lot of people are starting to price in the risk there going to be a significant increase in both corporate and capital gains taxes,” said Lyngen.So far, companies have not provided much in the way of commentary on the proposed hike in corporate taxes to 28% from 21% but they have been talking about other costs.David Bianco, chief investment strategist for the Americas at DWS, said he expects larger companies will do better dealing with supply chain constraints than smaller ones. Big Tech is also likely to fare better during the semiconductor shortage than auto makers, which have already announced production shutdowns, he said.“Next week is tech week. I think we’re going to get down on our knees and just be in awe of their business models and their ability to grow at a behemoth scale,” Bianco said.He said he’s not in favor of Wall Street’s popular trade into cyclicals and out of growth. He still favors growth.“We’re overweight equities really because we’re concerned about rising interest rates,” Bianco said. “I’m not bullish in that I expect the market to rise that much from here.”“We stuck with growth and dug deeper into bond substitutes, utilities, staples, real estate,” he said, adding he is underweight industrials, energy and materials. “Energy is doomed. It’s being nationalized via regulation. I do like industrials, they are well-run companies, but I do think infrastructure spending expectations for classic infrastructure are too high.”He also said industrials are good businesses, but the stocks have become overvalued.Bianco said he likes big box stores, but smaller retailers are facing big challenges that were already impacting them prior to Covid. He also finds small biotech firms attractive.“I like healthcare stocks. Those valuations are reasonable. People have been paranoid about politicians beating on them since 1992. They manage through it and lately they’ve been delivering,” he said.Week ahead calendarMondayEarnings:Tesla,Canadian National Railway, Canon,Check Point Software,Otis Worldwide, Vale,Ameriprise,NXP Semiconductor,Albertsons, Royal Phillips8:30 a.m. Durable goodsTuesdayFOMC begins two day meetingEarnings:Microsoft,Alphabet,Visa,Amgen,Advanced Micro Devices,3M,General Electric,Eli Lilly, Hasbro,United Parcel Service,BP,Novartis,JetBlue,Pultegroup,Archer Daniels Midland,Waste Management,Starbucks,Texas Instrument,Chubb,Mondelez,FireEye,Corning,Raytheon9:00 a.m. S&P/Case-Shiller9:00 a.m. FHFA home prices10:00 a.m. Consumer confidence10:00 a.m. Housing vacanciesWednesdayEarnings:Apple, Boeing,Facebook,Qualcomm,Ford,MGM Resorts,Humana,Norfolk Southern,General Dynamics,Boston Scientific, eBay, Samsung Electronics, GlaxoSmithKline,Yum Brands, SiriusXM, Aflac,Cheesecake Factory,Community Health System,CIT Group,Entergy,CME Group,Hess,Ryder System8:30 a.m. Advance economic indicators2:00 p.m. Fed statement2:30 p.m. Fed Chairman Jerome Powell briefingThursdayEarnings:Amazon,Caterpillar,McDonald’s,Twitter,Bristol-Myers Squibb,Comcast,Merck,Northrop Grumman, Airbus,Kraft Heinz,Intercontinental Exchange,Mastercard,Gilead Sciences,U.S. Steel, Cirrus Logic,Texas Roadhouse, Cabot Oil, PG&E,Royal Dutch Shell,Church & Dwight, Carlyle Group,Southern Co.8:30 a.m. Initial jobless claims8:30 a.m. Real GDP Q110:00 a.m. Pending home salesFridayEarnings:ExxonMobil,Chevron,Colgate-Palmolive,AstraZeneca,Clorox,Barclays, AbbVie, BNP Paribas,Weyerhaeuser,Illinois Tool Works, CBOE Global Markets, Lazard,Newell Brands,Aon,LyondellBasell,Pitney Bowes,Phillips 66,Charter Communications8:30 a.m. Personal income and spending8:30 a.m. Employment cost index Q19:45 a.m. Chicago PMI10:00 a.m. Consumer sentimentSaturdayEarnings:Berkshire Hathaway","news_type":1},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372891299,"gmtCreate":1619189028711,"gmtModify":1704721059748,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Can't wait for ipo","listText":"Can't wait for ipo","text":"Can't wait for ipo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372891299","repostId":"1131579471","repostType":4,"repost":{"id":"1131579471","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619187935,"share":"https://ttm.financial/m/news/1131579471?lang=&edition=fundamental","pubTime":"2021-04-23 22:25","market":"us","language":"en","title":"ByteDance says it has no recent plans for public listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1131579471","media":"Tiger Newspress","summary":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an","content":"<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p>Recently, there are a lot of news about the company will be listed.</p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ByteDance says it has no recent plans for public listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nByteDance says it has no recent plans for public listing\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-23 22:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p>Recently, there are a lot of news about the company will be listed.</p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131579471","content_text":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.Recently, there are a lot of news about the company will be listed.ByteDance last month hired former Xiaomi executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a report in the South China Morning Post.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341103949,"gmtCreate":1617788197381,"gmtModify":1704703135571,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Nio huat huat&nbsp;","listText":"Nio huat huat&nbsp;","text":"Nio huat huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341103949","repostId":"1155592825","repostType":4,"repost":{"id":"1155592825","pubTimestamp":1617787968,"share":"https://ttm.financial/m/news/1155592825?lang=&edition=fundamental","pubTime":"2021-04-07 17:32","market":"us","language":"en","title":"Best Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1155592825","media":"investorplace","summary":"Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Do","content":"<p>Chinese electric vehicle (EV) maker<b>Nio</b>(NYSE:<b><u>NIO</u></b>) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name that ought to be avoided, depending on who you ask.</p><p><img src=\"https://static.tigerbbs.com/de64ef7424a41df0c883c361220b278d\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\">Source: xiaorui / Shutterstock.com</p><p>That said, let’s take a closer look at how the company fared in the first three months of the year.</p><p>Niodelivered just over 20,000 vehicles in the first quarter of 2021, a 423% increase year-over-year.&nbsp; Additionally, 7,257 vehicles delivered in March marked a new monthly record and 373% growth over the same month in 2020.</p><p>The strong sales numbers came despite the companyclosing its Heifei production plant for five daysin late March due to the ongoing semiconductor shortage. The company initially said thatsupply constraint would slightly reduce the number of vehicles deliveredin the first quarter, but ultimately met its initial outlook.</p><p>However, Nio also said itschip shortage is likely to hit production in Q2 of 2020.</p><p>Chip Shortage Hurting EV makers</p><p>The ongoing semiconductor shortage is probably the single biggest story for NIO stock right now, though trade tensions with China are certainly uncomfortably high for investors in foreign stocks. That said, low tariffs and friendly international relations will mean very little to Nio stockholders unless their electric vehicle company is producing electric vehicles.</p><p>Unfortunately for NIO and other automakers,the chip shortage could continue into 2022. And it’scompounded by a foam shortage. This is an issue because automakers use foam in their seats. But that foam is made from oil refinery byproducts, which have been in short supply due to refineries suspending operations.</p><p>Infrastructure Plan for Charging Stations</p><p>Moreover, news thatthe Biden administration is eyeing these supply chain constraintsmight reassure investors, but the biggest benefit from Biden could be his$2.3 billion infrastructure proposal, which includes$174 billion for promoting EVs and EV charging stations. In turn, a big government investment to expand charging networks would dramaticallywiden the market for EVs.</p><p>However, the President isn’t nearly as keen on China as he is on EVs — which is bad news for NIO stock. The ongoing trade war between the two nations saw recent trade talks in the second half of March, which didn’t end particularly well; theU.S. Securities and Exchange Commission decided to go ahead and instate Trump-era measures regarding the auditing and delisting of Chinese stocks.</p><p>With that, the trade war has been a major downer for Chinese companies across the board, but particularly volatile for EV makers. Investor enthusiasm for this sector has surged in the past year, but just because EV bulls were right doesn’t mean NIO bulls will be.</p><p>Overall, electric vehicles are here to stay. But it’s anybody’s guess which specific companies will be around in six months, let alone the automaking juggernauts of tomorrow.</p><p>Bottom Line on NIO Stock</p><p>I’m not suggesting NIO stock is poised to crash any time soon, but investors should be aware that the entire sector is quite frothy right now. Gains are outsized, but so too are losses. It makes sense that big headlines regarding the chip shortage and the trade war have seriously impacted NIO stock.</p><p>When Nio reported Q4 and full-year 2020 earnings on March 1, an earnings miss was offset by arevenue beat and strong delivery numbers. Majorgrowth in vehicle marginswas a clear highlight pointing towards increased profitability for the company.</p><p>Also, Nio recentlyfiled paperwork to list on the Hong Kong exchanges, which will broaden its ability to raise capital. And the company has recentlyregistered a trademark for a new model of car, which should excite investors and customers alike.</p><p>So, while there may be some negativity surrounding NIO stock, the EV company looks like it could make a comeback as we move further into 2021.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Best Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBest Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-07 17:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name ...</p>\n\n<a href=\"https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155592825","content_text":"Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name that ought to be avoided, depending on who you ask.Source: xiaorui / Shutterstock.comThat said, let’s take a closer look at how the company fared in the first three months of the year.Niodelivered just over 20,000 vehicles in the first quarter of 2021, a 423% increase year-over-year.  Additionally, 7,257 vehicles delivered in March marked a new monthly record and 373% growth over the same month in 2020.The strong sales numbers came despite the companyclosing its Heifei production plant for five daysin late March due to the ongoing semiconductor shortage. The company initially said thatsupply constraint would slightly reduce the number of vehicles deliveredin the first quarter, but ultimately met its initial outlook.However, Nio also said itschip shortage is likely to hit production in Q2 of 2020.Chip Shortage Hurting EV makersThe ongoing semiconductor shortage is probably the single biggest story for NIO stock right now, though trade tensions with China are certainly uncomfortably high for investors in foreign stocks. That said, low tariffs and friendly international relations will mean very little to Nio stockholders unless their electric vehicle company is producing electric vehicles.Unfortunately for NIO and other automakers,the chip shortage could continue into 2022. And it’scompounded by a foam shortage. This is an issue because automakers use foam in their seats. But that foam is made from oil refinery byproducts, which have been in short supply due to refineries suspending operations.Infrastructure Plan for Charging StationsMoreover, news thatthe Biden administration is eyeing these supply chain constraintsmight reassure investors, but the biggest benefit from Biden could be his$2.3 billion infrastructure proposal, which includes$174 billion for promoting EVs and EV charging stations. In turn, a big government investment to expand charging networks would dramaticallywiden the market for EVs.However, the President isn’t nearly as keen on China as he is on EVs — which is bad news for NIO stock. The ongoing trade war between the two nations saw recent trade talks in the second half of March, which didn’t end particularly well; theU.S. Securities and Exchange Commission decided to go ahead and instate Trump-era measures regarding the auditing and delisting of Chinese stocks.With that, the trade war has been a major downer for Chinese companies across the board, but particularly volatile for EV makers. Investor enthusiasm for this sector has surged in the past year, but just because EV bulls were right doesn’t mean NIO bulls will be.Overall, electric vehicles are here to stay. But it’s anybody’s guess which specific companies will be around in six months, let alone the automaking juggernauts of tomorrow.Bottom Line on NIO StockI’m not suggesting NIO stock is poised to crash any time soon, but investors should be aware that the entire sector is quite frothy right now. Gains are outsized, but so too are losses. It makes sense that big headlines regarding the chip shortage and the trade war have seriously impacted NIO stock.When Nio reported Q4 and full-year 2020 earnings on March 1, an earnings miss was offset by arevenue beat and strong delivery numbers. Majorgrowth in vehicle marginswas a clear highlight pointing towards increased profitability for the company.Also, Nio recentlyfiled paperwork to list on the Hong Kong exchanges, which will broaden its ability to raise capital. And the company has recentlyregistered a trademark for a new model of car, which should excite investors and customers alike.So, while there may be some negativity surrounding NIO stock, the EV company looks like it could make a comeback as we move further into 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357652968,"gmtCreate":1617271057554,"gmtModify":1704698085507,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Like for huat","listText":"Like for huat","text":"Like for huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357652968","repostId":"1188307475","repostType":2,"repost":{"id":"1188307475","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616745710,"share":"https://ttm.financial/m/news/1188307475?lang=&edition=fundamental","pubTime":"2021-03-26 16:01","market":"us","language":"en","title":"UP Fintech Holding Limited Posts 136% Revenue Growth in 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1188307475","media":"Tiger Newspress","summary":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all ","content":"<p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.</p><p>Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.</p><p>Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.</p><p>“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”</p><p>The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.</p><p>“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.</p><p></p><p><img src=\"https://static.tigerbbs.com/62567c7cd9272fd787fb3a1a7bf00ebb\" tg-width=\"620\" tg-height=\"14596\">Safe Harbor Statement</p><p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech Holding Limited Posts 136% Revenue Growth in 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Holding Limited Posts 136% Revenue Growth in 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-26 16:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.</p><p>Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.</p><p>Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.</p><p>“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”</p><p>The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.</p><p>“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.</p><p></p><p><img src=\"https://static.tigerbbs.com/62567c7cd9272fd787fb3a1a7bf00ebb\" tg-width=\"620\" tg-height=\"14596\">Safe Harbor Statement</p><p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188307475","content_text":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.","news_type":1},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353558337,"gmtCreate":1616509229629,"gmtModify":1704795085516,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Tiger please refill free commision ?","listText":"Tiger please refill free commision ?","text":"Tiger please refill free commision ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/353558337","repostId":"1125171845","repostType":4,"repost":{"id":"1125171845","pubTimestamp":1616508199,"share":"https://ttm.financial/m/news/1125171845?lang=&edition=fundamental","pubTime":"2021-03-23 22:03","market":"us","language":"en","title":"After a big first year, expect smaller and choppier gains from the rest of this bull market","url":"https://stock-news.laohu8.com/highlight/detail?id=1125171845","media":"cnbc","summary":"KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the","content":"<div>\n<p>KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After a big first year, expect smaller and choppier gains from the rest of this bull market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter a big first year, expect smaller and choppier gains from the rest of this bull market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1125171845","content_text":"KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big declines, strong bull markets are usually born: There have only been five other bear-markets with declines of 30% or more since World War II, and the resulting bull market market was able to carry its strong gains into a second year every single time, according LPL Financial.\nHowever, the first year’s comeback rally is usually hard to top, and the second year of a new bull market is prone to pullbacks.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,099, representing a 4% gain from here, according to the CNBC Market Strategist Survey that rounds up 15 top strategists’ forecasts.\n\nPrecisely one year ago, a new bull market was born. Powered by unprecedented stimulus, stocks crawled out of their deep pandemic rout and started sprinting.\nHistory indicates that after big bear market declines, strong bull markets usually follow with gains carrying into a second year. However, investors should expect a smaller return over the next 12 months with a choppier road to get there.\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline in such a short time. There have been five other bear-market sell-offs of 30% or more since World War II, and the market has been up every single time in year two with a near 17% return on average, according to data from LPL Financial.\n\nStill, the first year’s comeback rally is usually hard to top. Only in the aftermath of the 1987 crash did stocks advance more during year two than year one, according to the data. Plus, the second year of a new bull market is prone to pullbacks with an average drawdown of 10%, LPL said.\nThe S&P 500 has bounced about 80% from its March bottom, marking the best start to a new bull market on record, LPL data showed. This historic beginning could open the door for sophomore slumps and more volatility on the horizon.\n“Embarking on the second year of the current bull market could be just as exciting for investors, but it is easy to question if the strength will continue,” said Lindsey Bell, chief investment strategist at Ally Invest. “Think of the sports free agent who disappoints after scoring the nine-figure contract, or the sequel that just doesn’t live up to the original.”\n4% gain from here?\nWall Street’s consensus year-end target for the S&P 500 stands at 4,099, representing a 4% gain from Monday’s close of 3,940.59, according to the CNBC Market Strategist Survey that rounds up 15 top strategists’ forecasts.\n\nThe bull market was officially declared when the S&P 500 wiped out its pandemic losses and reached a record closing high on Aug. 18, then the beginning of a bull cycle was traced back to the market trough with the benefit of hindsight.\nStill, the “black swan” event of 2020 makes the current bull market one of a kind. Unlike the past few crises where the malfunction of the financial markets was the culprit, this time the downturn was triggered by a pandemic. And in contrast to the slow and steady recovery in the previous cycles, this rebound has been extraordinarily rapid, thanks to trillions of dollars of aid from Congress and the Federal Reserve.\n“This is the first bull market that any of us have been through where it’s been essentially manufactured by the government and by the Fed,” said Tom Essaye, founder of Sevens Report. “The huge stock gains didn’t come organically. They were essentially decreed by the government taking on enormous amounts of debt and deficits to spur economic activity. That does change the outlook going forward.”\nWhile the history is on the market’s side, many believe that the lasting power of the new bull hinges on its ability to sustain the rally without massive amounts of stimulus. A new round of stimulus checks just started to hit Americans’ bank accounts this month. Once the stimulus boost fades out, Wall Street is betting that corporate earnings will then do the heavy-lifting and keep the lofty promises that stock prices have made.\nWhat are the risks?\nAt its current level, the S&P 500 is trading more than 21 times projections for next year’s earnings, a level not seen since 2000, according to FactSet.\n\n“You are essentially transitioning from a government-infused rally to what we hope would be an organically economically infused rally where the economy reopens and that in turn just feeds on itself,” Essaye said.\nMeanwhile, inflation expectations are rising amid the historic economic reopening and massive stimulus, making it harder to justify stocks’ lofty valuations. The concern has manifested itself in the year-to-date underperformance of the tech-heavy Nasdaq Composite as higher inflation and interest rates erode growth-oriented companies’ future earnings.\nAnother possible threat as this bull market ages could be higher tax rates with President Joe Biden set to propose higher duties to fund a grand infrastructure program. Goldman U.S. equity strategist David Kostin warned investors that Biden’s tax plans could curb S&P 500 per-share earnings by 9%.\nBiden has signaled his willingness to raise the corporate tax rate to 28% in a partial rollback of President Donald Trump’s 2017 tax overhaul. Meanwhile, Biden also endorsed upping the top marginal tax rate to 39.6% and taxing capital gains and dividends at the higher ordinary income tax rate.\nWells Fargo believes that corporate tax rates will rise but fall short of Biden’s 28% proposal, and any damage from higher taxes will be softened by stronger corporate earnings.\n“We believe record-level economic growth and fiscal spending will support higher profits, potentially offsetting the drag from a higher tax regime,” Ken Johnson, investment strategy analyst at Wells Fargo, said in a note.","news_type":1},"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350350248,"gmtCreate":1616162242484,"gmtModify":1704791730554,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Can't seem to get rewards&nbsp;","listText":"Can't seem to get rewards&nbsp;","text":"Can't seem to get rewards","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/350350248","repostId":"1152653258","repostType":4,"repost":{"id":"1152653258","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616160699,"share":"https://ttm.financial/m/news/1152653258?lang=&edition=fundamental","pubTime":"2021-03-19 21:31","market":"us","language":"en","title":"S&P 500 opens flat, heads for losing week as rising rate fears linger","url":"https://stock-news.laohu8.com/highlight/detail?id=1152653258","media":"Tiger Newspress","summary":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not","content":"<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat, heads for losing week as rising rate fears linger</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat, heads for losing week as rising rate fears linger\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-19 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152653258","content_text":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.The Dow Jones Industrial Average fell 70 points, while the S&P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively.The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.For the week, the Dow is up about 0.3%, while the S&P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350013775,"gmtCreate":1616136972498,"gmtModify":1704791401216,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Yea tsla","listText":"Yea tsla","text":"Yea tsla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350013775","repostId":"1196402560","repostType":4,"repost":{"id":"1196402560","pubTimestamp":1616134696,"share":"https://ttm.financial/m/news/1196402560?lang=&edition=fundamental","pubTime":"2021-03-19 14:18","market":"us","language":"en","title":"New Electric Vehicle Investment Roadmap","url":"https://stock-news.laohu8.com/highlight/detail?id=1196402560","media":"seekingalpha","summary":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, an","content":"<p><b>Summary</b></p>\n<ul>\n <li>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.</li>\n <li>Last October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.</li>\n <li>So, I updated and greatly expanded the previous EV investment roadmap.</li>\n <li>This update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.</li>\n <li>It also classifies these EV companies into their primary market categories and summarizes their different strategies.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb96acc615cba9c7842860658c019ab1\" tg-width=\"768\" tg-height=\"432\"><span>Photo by Sven Loeffler/iStock via Getty Images</span></p>\n<p>My article&nbsp;Electric Vehicle Investment Roadmap&nbsp;published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.</p>\n<p>This new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.</p>\n<p>In addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.</p>\n<p>Approximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.</p>\n<p>There are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.</p>\n<p>EVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.</p>\n<p>So, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.</p>\n<p>This new roadmap for EV investment classifies companies into three primary markets segments:</p>\n<ul>\n <li>The<b><i>Consumer Retail</i></b>segment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.</li>\n <li>The<b><i>Commercial Delivery</i></b>segment includes local delivery EV vans and trucks sold to fleets.</li>\n <li>The<b><i>Medium- and Long-Haul Trucking</i></b>segment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.</li>\n</ul>\n<p>In addition, it categorizes<b>Legacy Manufacturers</b>and<b>Chinese EV Companies</b>. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.</p>\n<p>There is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.</p>\n<p>So let's start by looking at an overview of comparative EV valuations.</p>\n<p><b>EV Investment Valuation Overview</b></p>\n<p>The following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.</p>\n<p>In the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.</p>\n<p>All of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.</p>\n<p><img src=\"https://static.tigerbbs.com/bc360dfa7de01516b7f68d5962cf3017\" tg-width=\"640\" tg-height=\"883\"></p>\n<p>Tesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.</p>\n<p><b>Tesla (TSLA)</b></p>\n<p>In the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.</p>\n<p>The investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.</p>\n<p>There is a great deal already published about Tesla, so I'll move on.</p>\n<p><b>Legacy Automakers</b></p>\n<p>Some people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.</p>\n<p>The competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?</p>\n<p>Almost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.</p>\n<p><b>General Motors (GM)</b></p>\n<p>GM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.</p>\n<p>GM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.</p>\n<p>The key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.</p>\n<p>GM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.</p>\n<p>With its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.</p>\n<p><b>Ford (F)</b></p>\n<p>Ford is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd8523e15bccc57790940d4218f7b94e\" tg-width=\"1920\" tg-height=\"1080\"><span>Mustang Mach-E. Source: Ford</span></p>\n<p>Ford's market cap is approximately $51 billion, twice its previous market cap, and also increasing.</p>\n<p><b>Consumer Retail EV Companies</b></p>\n<p>The consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.</p>\n<p>However, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.</p>\n<p>In addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.</p>\n<p>Let's look closer at the alternative consumer retail EV investments.</p>\n<p><b>Lucid Motors (CCIV)</b></p>\n<p>Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.</p>\n<p>Lucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.</p>\n<p>The company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.</p>\n<p>The company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.</p>\n<p>Lucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.</p>\n<p>Lucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.</p>\n<p><b>Fisker (FSR)</b></p>\n<p>Fisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.</p>\n<p>However, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.</p>\n<p>Fisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.</p>\n<p>The Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/924a617c90fc3276d7bdab8c64ebfdcf\" tg-width=\"744\" tg-height=\"389\"><span>Fisker Ocean. Source: Fisker</span></p>\n<p>Fisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.</p>\n<p><b>Faraday Future (PSAC)</b></p>\n<p>Faraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.</p>\n<p>In December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.</p>\n<p>Somehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.</p>\n<p>Faraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e38bfb3211c72bb73bc26f2ebe296fe\" tg-width=\"1280\" tg-height=\"854\"><span>FF 91. Source: Faraday Future</span></p>\n<p>Its strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.</p>\n<p>Faraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.</p>\n<p>The Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.</p>\n<p>Faraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking &amp; summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive &amp; auto-park features.</p>\n<p>In January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.</p>\n<p>Faraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.</p>\n<p><b>Lordstown Motors (RIDE)</b></p>\n<p>Lordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.</p>\n<p>Lordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.</p>\n<p>Its first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.</p>\n<p>It believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.</p>\n<p>Even though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.</p>\n<p>The Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.</p>\n<p>At the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.</p>\n<p>A fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>Canoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.</p>\n<p>Canoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.</p>\n<p>Hyundai Motor Group said it would jointly develop an electric vehicle platform with the company.</p>\n<p>Canoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.</p>\n<p>Its all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle</p>\n<p>It plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.</p>\n<p>The MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.</p>\n<p>The original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.</p>\n<p>Since its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.</p>\n<p><b>Rivian</b></p>\n<p>Although not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.</p>\n<p>Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.</p>\n<p>Additional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.</p>\n<p><b>Commercial Delivery EV Companies</b></p>\n<p>EV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.</p>\n<p>Companies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.</p>\n<p>The disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.</p>\n<p>The commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.</p>\n<p>This group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:</p>\n<ul>\n <li>Class 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.</li>\n <li>Class 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1</li>\n <li>Class 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.</li>\n</ul>\n<p>It can also include somewhat larger medium-duty EV delivery trucks:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n</ul>\n<p>EV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.</p>\n<p>Last-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.</p>\n<p><b>Workhorse Group (WKHS)</b></p>\n<p>Workhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.</p>\n<p>The Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.</p>\n<p>The C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.</p>\n<p>Workhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.</p>\n<p>Workhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.</p>\n<p>Workhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.</p>\n<p><b>Electric Last Mile (FIII)</b></p>\n<p>Electric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.</p>\n<p>The company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.</p>\n<p>The company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.</p>\n<p>Electric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.</p>\n<p>ELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.</p>\n<p>ELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.</p>\n<p>Its crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.</p>\n<p>ELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.</p>\n<p><b>GreenPower Motor Company (GP)</b></p>\n<p>GreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.</p>\n<p>In 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.</p>\n<p>GreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:</p>\n<ul>\n <li>EV Star - Up to 19 passengers</li>\n <li>EV Star Plus - Up to 24 passengers</li>\n <li>EV Star ADA - Passenger and curbside lift for ADA</li>\n <li>EV Star Cargo - 5,000 pounds of load</li>\n <li>EV Star Cargo Plus - 570 cubic feet of cargo space.</li>\n</ul>\n<p>Its EV school bus seats up to 90 students and has a range of up to 150 miles.</p>\n<p>GreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.</p>\n<p><b>Arrival (CIIC)</b></p>\n<p>Arrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.</p>\n<p>Arrival plans on releasing four commercial EVs over the next few years.</p>\n<ul>\n <li>Q4/2021: An electric bus for 8-125 passengers and a range of 240-400km</li>\n <li>Q3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km</li>\n <li>2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km</li>\n <li>2023: a small vehicle platform with a range of 100-300km.</li>\n</ul>\n<p>This mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.</p>\n<p>Arrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.</p>\n<p><b>Proterra (ACTC)</b></p>\n<p>Proterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.</p>\n<p>Proterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.</p>\n<p>It is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&amp;D and the expansion of its next-generation battery program.</p>\n<p>Proterra has three complementary businesses:</p>\n<ul>\n <li><b>Proterra Powered</b>: Delivering battery systems and electrification solutions to commercial vehicle manufacturers</li>\n <li><b>Proterra Transit:</b>Providing an electric transit bus OEMs</li>\n <li><b>Proterra Energy:</b>Offering turnkey charging and energy management solutions.</li>\n</ul>\n<p>The company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.</p>\n<p>Proterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered &amp; Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.</p>\n<p><b>Rivian</b></p>\n<p>Rivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.</p>\n<p>The EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>See the previous summary under consumer retail EV.</p>\n<p>Medium and Long-Haul Trucking EV Companies</p>\n<p>Companies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.</p>\n<p>For this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.</p>\n<p><b>Medium-Duty Trucks</b></p>\n<p>The medium-duty trucks category includes commercial truck classes 4, 5, and 6:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n <li>Class 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1</li>\n</ul>\n<p><b>Heavy-Duty Trucks</b></p>\n<p>The heavy-duty trucks category includes commercial truck classes 7 and 8:</p>\n<ul>\n <li>Class 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.</li>\n <li>Class 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.</li>\n</ul>\n<p>The Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.</p>\n<p><b>Nikola</b><b>(NASDAQ:NKLA)</b></p>\n<p>Nikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.</p>\n<p>Nikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.</p>\n<p>Nikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.</p>\n<p>Nikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.</p>\n<p>It has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.</p>\n<p>Nikola was also accused of misrepresentation, and its executive chairman and founder stepped down.</p>\n<p>At the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.</p>\n<p><b>Hyliion (HYLN)</b></p>\n<p>Hyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.</p>\n<p>Hyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.</p>\n<p>Kuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.</p>\n<p>Hyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.</p>\n<p>The combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.</p>\n<p><b>XL Fleet (XL)</b></p>\n<p>XL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.</p>\n<p>XL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.</p>\n<p>Unlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.</p>\n<p>Short-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.</p>\n<p>The original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.</p>\n<p><b>Xos (NGAC)</b></p>\n<p>Xos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.</p>\n<p>Its focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.</p>\n<p>Its MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.</p>\n<p>Xos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.</p>\n<p>Xos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.</p>\n<p><b>Lion Electric (NGA)</b></p>\n<p>Lion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.</p>\n<p>In November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.</p>\n<p>It plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.</p>\n<p>Its all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.</p>\n<p>Lion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.</p>\n<p><b>Lightning eMotors (GIK)</b></p>\n<p>Lightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.</p>\n<p>Lighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.</p>\n<p>The Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.</p>\n<p>Lightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.</p>\n<p>The deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.</p>\n<p>At the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.</p>\n<p><b>Public Chinese EV Companies</b></p>\n<p>China will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.</p>\n<p>The Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.</p>\n<p>These Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.</p>\n<p>In addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.</p>\n<p><b>BYD Co., Ltd. (OTCPK:BYDDY)</b></p>\n<p>BYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.</p>\n<p>By parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.</p>\n<p>BYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.</p>\n<p><b>LI Auto (LI)</b></p>\n<p>Lixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.</p>\n<p>The company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery pack<i>and</i>a 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.</p>\n<p>The Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.</p>\n<p>Deliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.</p>\n<p>LI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.</p>\n<p><b>XPeng (XPEV)</b></p>\n<p>Xiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.</p>\n<p>XPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.</p>\n<p>XPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.</p>\n<p>XPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.</p>\n<p>To enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.</p>\n<p>Xpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&amp;D, and builds out a new manufacturing plant set to open in 2022.</p>\n<p>Xpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.</p>\n<p>The stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.</p>\n<p><b>Nio (NIO)</b></p>\n<p>Unlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.</p>\n<p>Nio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.</p>\n<p>Nio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.</p>\n<p>Nio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.</p>\n<p>Nio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.</p>\n<p>Nio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.</p>\n<p><b>Summary</b></p>\n<p>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.</p>\n<p>This EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Electric Vehicle Investment Roadmap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Electric Vehicle Investment Roadmap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 14:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing...</p>\n\n<a href=\"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","002594":"比亚迪","HYLN":"Hyliion Holdings Corp.","NIO":"蔚来","GP":"GreenPower Motor Company Inc.","XPEV":"小鹏汽车","NKLA":"Nikola Corporation","FSR":"菲斯克","TSLA":"特斯拉","LI":"理想汽车","01211":"比亚迪股份","WKHS":"Workhorse Group, Inc.","GOEV":"Canoo Inc.","GM":"通用汽车"},"source_url":"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196402560","content_text":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.\nSo, I updated and greatly expanded the previous EV investment roadmap.\nThis update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.\nIt also classifies these EV companies into their primary market categories and summarizes their different strategies.\n\nPhoto by Sven Loeffler/iStock via Getty Images\nMy article Electric Vehicle Investment Roadmap published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.\nThis new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.\nIn addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.\nApproximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.\nThere are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.\nEVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.\nSo, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.\nThis new roadmap for EV investment classifies companies into three primary markets segments:\n\nTheConsumer Retailsegment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.\nTheCommercial Deliverysegment includes local delivery EV vans and trucks sold to fleets.\nTheMedium- and Long-Haul Truckingsegment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.\n\nIn addition, it categorizesLegacy ManufacturersandChinese EV Companies. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.\nThere is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.\nSo let's start by looking at an overview of comparative EV valuations.\nEV Investment Valuation Overview\nThe following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.\nIn the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.\nAll of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.\n\nTesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.\nTesla (TSLA)\nIn the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.\nThe investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.\nThere is a great deal already published about Tesla, so I'll move on.\nLegacy Automakers\nSome people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.\nThe competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?\nAlmost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.\nGeneral Motors (GM)\nGM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.\nGM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.\nThe key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.\nGM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.\nWith its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.\nFord (F)\nFord is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.\nMustang Mach-E. Source: Ford\nFord's market cap is approximately $51 billion, twice its previous market cap, and also increasing.\nConsumer Retail EV Companies\nThe consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.\nHowever, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.\nIn addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.\nLet's look closer at the alternative consumer retail EV investments.\nLucid Motors (CCIV)\nLucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.\nLucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.\nThe company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.\nThe company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.\nLucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.\nLucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.\nFisker (FSR)\nFisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.\nHowever, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.\nFisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.\nThe Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.\nFisker Ocean. Source: Fisker\nFisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.\nFaraday Future (PSAC)\nFaraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.\nIn December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.\nSomehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.\nFaraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.\nFF 91. Source: Faraday Future\nIts strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.\nFaraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.\nThe Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.\nFaraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking & summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive & auto-park features.\nIn January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.\nFaraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.\nLordstown Motors (RIDE)\nLordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.\nLordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.\nIts first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.\nIt believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.\nEven though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.\nThe Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.\nAt the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.\nA fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.\nCanoo (GOEV)\nCanoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.\nCanoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.\nHyundai Motor Group said it would jointly develop an electric vehicle platform with the company.\nCanoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.\nIts all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle\nIt plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.\nThe MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.\nThe original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.\nSince its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.\nRivian\nAlthough not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.\nRivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.\nAdditional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.\nCommercial Delivery EV Companies\nEV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.\nCompanies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.\nThe disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.\nThe commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.\nThis group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:\n\nClass 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.\nClass 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1\nClass 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.\n\nIt can also include somewhat larger medium-duty EV delivery trucks:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\n\nEV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.\nLast-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.\nWorkhorse Group (WKHS)\nWorkhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.\nThe Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.\nThe C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.\nWorkhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.\nWorkhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.\nWorkhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.\nElectric Last Mile (FIII)\nElectric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.\nThe company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.\nThe company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.\nElectric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.\nELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.\nELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.\nIts crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.\nELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.\nGreenPower Motor Company (GP)\nGreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.\nIn 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.\nGreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:\n\nEV Star - Up to 19 passengers\nEV Star Plus - Up to 24 passengers\nEV Star ADA - Passenger and curbside lift for ADA\nEV Star Cargo - 5,000 pounds of load\nEV Star Cargo Plus - 570 cubic feet of cargo space.\n\nIts EV school bus seats up to 90 students and has a range of up to 150 miles.\nGreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.\nArrival (CIIC)\nArrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.\nArrival plans on releasing four commercial EVs over the next few years.\n\nQ4/2021: An electric bus for 8-125 passengers and a range of 240-400km\nQ3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km\n2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km\n2023: a small vehicle platform with a range of 100-300km.\n\nThis mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.\nArrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.\nProterra (ACTC)\nProterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.\nProterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.\nIt is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program.\nProterra has three complementary businesses:\n\nProterra Powered: Delivering battery systems and electrification solutions to commercial vehicle manufacturers\nProterra Transit:Providing an electric transit bus OEMs\nProterra Energy:Offering turnkey charging and energy management solutions.\n\nThe company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.\nProterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered & Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.\nRivian\nRivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.\nThe EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.\nCanoo (GOEV)\nSee the previous summary under consumer retail EV.\nMedium and Long-Haul Trucking EV Companies\nCompanies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.\nFor this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.\nMedium-Duty Trucks\nThe medium-duty trucks category includes commercial truck classes 4, 5, and 6:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\nClass 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1\n\nHeavy-Duty Trucks\nThe heavy-duty trucks category includes commercial truck classes 7 and 8:\n\nClass 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.\nClass 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.\n\nThe Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.\nNikola(NASDAQ:NKLA)\nNikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.\nNikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.\nNikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.\nNikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.\nIt has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.\nNikola was also accused of misrepresentation, and its executive chairman and founder stepped down.\nAt the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.\nHyliion (HYLN)\nHyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.\nHyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.\nKuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.\nHyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.\nThe combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.\nXL Fleet (XL)\nXL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.\nXL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.\nUnlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.\nShort-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.\nThe original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.\nXos (NGAC)\nXos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.\nIts focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.\nIts MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.\nXos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.\nXos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.\nLion Electric (NGA)\nLion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.\nIn November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.\nIt plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.\nIts all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.\nLion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.\nLightning eMotors (GIK)\nLightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.\nLighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.\nThe Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.\nLightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.\nThe deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.\nAt the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.\nPublic Chinese EV Companies\nChina will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.\nThe Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.\nThese Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.\nIn addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.\nBYD Co., Ltd. (OTCPK:BYDDY)\nBYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.\nBy parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.\nBYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.\nLI Auto (LI)\nLixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.\nThe company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery packanda 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.\nThe Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.\nDeliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.\nLI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.\nXPeng (XPEV)\nXiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.\nXPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.\nXPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.\nXPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.\nTo enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.\nXpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&D, and builds out a new manufacturing plant set to open in 2022.\nXpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.\nThe stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.\nNio (NIO)\nUnlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.\nNio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.\nNio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.\nNio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.\nNio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.\nNio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.\nSummary\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.\nThis EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327248972,"gmtCreate":1616099144496,"gmtModify":1704790937365,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Nicee","listText":"Nicee","text":"Nicee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327248972","repostId":"1136193758","repostType":4,"repost":{"id":"1136193758","pubTimestamp":1616084780,"share":"https://ttm.financial/m/news/1136193758?lang=&edition=fundamental","pubTime":"2021-03-19 00:26","market":"us","language":"en","title":"China’s Tuya Is Poised to Raise $915 Million in U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1136193758","media":"Bloomberg","summary":"(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares s","content":"<p>(March 18)&nbsp;Tuya opens for trading at $27.21, up 29.57% from IPO price.</p><p><img src=\"https://static.tigerbbs.com/87927b685d980a8f608fbfd7b8ad16c1\" tg-width=\"662\" tg-height=\"418\"></p><ul><li>Tencent-backed firm’s shares set to price above marketed range</li><li>Company’s cloud platform used to manage smart devices</li></ul><p>Tuya Inc., a software company backed by&nbsp;New Enterprise Associates&nbsp;and&nbsp;Tencent Holdings Ltd., is on track to raise $915 million in a U.S. initial public offering priced above its marketed range, said a person familiar with the matter.</p><p>The company on Wednesday told prospective investors it would sell American depositary shares for $21 each, the person said, asking not to be identified as the matter is private. Tuya had marketed 43.59 million shares for $17 to $20 each.</p><p>At $915 million, the listing will be the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised $1.6 billion in January.</p><p>The shares, representing one Class A common share, would give the company a market value of $11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.</p><p>IFR first reported the share price guidance on Wednesday. A company spokesperson declined to comment.</p><p>The company’s cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.</p><p>Tuya had a net loss of $67 million on revenue of $180 million in 2020.</p><p>The offering is being led by&nbsp;Morgan Stanley, Bank of America Corp. and&nbsp;China International Capital Corp.The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Tuya Is Poised to Raise $915 Million in U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s Tuya Is Poised to Raise $915 Million in U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 00:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares set to price above marketed rangeCompany’s cloud platform used to manage smart devicesTuya Inc., a ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TUYA":"涂鸦智能"},"source_url":"http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136193758","content_text":"(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares set to price above marketed rangeCompany’s cloud platform used to manage smart devicesTuya Inc., a software company backed by New Enterprise Associates and Tencent Holdings Ltd., is on track to raise $915 million in a U.S. initial public offering priced above its marketed range, said a person familiar with the matter.The company on Wednesday told prospective investors it would sell American depositary shares for $21 each, the person said, asking not to be identified as the matter is private. Tuya had marketed 43.59 million shares for $17 to $20 each.At $915 million, the listing will be the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised $1.6 billion in January.The shares, representing one Class A common share, would give the company a market value of $11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.IFR first reported the share price guidance on Wednesday. A company spokesperson declined to comment.The company’s cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.Tuya had a net loss of $67 million on revenue of $180 million in 2020.The offering is being led by Morgan Stanley, Bank of America Corp. and China International Capital Corp.The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324467162,"gmtCreate":1616026283156,"gmtModify":1704789834030,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Seeing the rise...&nbsp;","listText":"Seeing the rise...&nbsp;","text":"Seeing the rise...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324467162","repostId":"2120136060","repostType":4,"repost":{"id":"2120136060","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616023707,"share":"https://ttm.financial/m/news/2120136060?lang=&edition=fundamental","pubTime":"2021-03-18 07:28","market":"sh","language":"en","title":"Asian stocks set to mostly rise after Fed projects U.S. GDP surge","url":"https://stock-news.laohu8.com/highlight/detail?id=2120136060","media":"Reuters","summary":"NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal ","content":"<p>NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.</p>\n<p>Japan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.</p>\n<p>Australia's S&amp;P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&amp;P 500 rose 0.08%.</p>\n<p>While inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.</p>\n<p>\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"</p>\n<p>The Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.</p>\n<p>\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"</p>\n<p>The S&amp;P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.</p>\n<p>The Dow Jones Industrial Average rose 0.58%, while the S&amp;P 500 gained 0.29%.</p>\n<p>The Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.</p>\n<p>The pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.</p>\n<p>Emerging market stocks lost 0.46%.</p>\n<p>The benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.</p>\n<p>The dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.</p>\n<p>The Australian dollar rose 0.08% versus the greenback at $0.780.</p>\n<p>Oil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate <a href=\"https://laohu8.com/S/WTI\">$(WTI)$</a> crude dropped 20 cents, or 0.3%, to end at $63.68.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Asian stocks set to mostly rise after Fed projects U.S. GDP surge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsian stocks set to mostly rise after Fed projects U.S. GDP surge\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-18 07:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.</p>\n<p>Japan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.</p>\n<p>Australia's S&amp;P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&amp;P 500 rose 0.08%.</p>\n<p>While inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.</p>\n<p>\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"</p>\n<p>The Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.</p>\n<p>\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"</p>\n<p>The S&amp;P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.</p>\n<p>The Dow Jones Industrial Average rose 0.58%, while the S&amp;P 500 gained 0.29%.</p>\n<p>The Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.</p>\n<p>The pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.</p>\n<p>Emerging market stocks lost 0.46%.</p>\n<p>The benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.</p>\n<p>The dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.</p>\n<p>The Australian dollar rose 0.08% versus the greenback at $0.780.</p>\n<p>Oil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate <a href=\"https://laohu8.com/S/WTI\">$(WTI)$</a> crude dropped 20 cents, or 0.3%, to end at $63.68.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","518880":"黄金ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","DUG":"二倍做空石油与天然气ETF(ProShares)","QLD":"纳指两倍做多ETF",".SPX":"S&P 500 Index","OEX":"标普100","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF","IAU":"黄金信托ETF(iShares)","DDM":"道指两倍做多ETF","SPXU":"三倍做空标普500ETF","FXY":"日元ETF-CurrencyShares","QQQ":"纳指100ETF","SH":"标普500反向ETF","SQQQ":"纳指三倍做空ETF","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","FXB":"英镑ETF-CurrencyShares","UDOW":"道指三倍做多ETF-ProShares","IVV":"标普500指数ETF","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","DOG":"道指反向ETF","FXE":"欧元做多ETF-CurrencyShares","USO":"美国原油ETF","GDX":"黄金矿业ETF-VanEck","GLD":"SPDR黄金ETF","DDG":"ProShares做空石油与天然气ETF","QID":"纳指两倍做空ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","EUO":"欧元ETF-ProShares两倍做空","NUGT":"二倍做多黄金矿业指数ETF-Direxion","UCO":"二倍做多彭博原油ETF","DWT":"三倍做空原油ETN","YCS":"日元ETF-ProShares两倍做空","SDOW":"道指三倍做空ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120136060","content_text":"NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.\nJapan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.\nAustralia's S&P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&P 500 rose 0.08%.\nWhile inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.\n\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"\nThe Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.\n\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"\nThe S&P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.\nThe Dow Jones Industrial Average rose 0.58%, while the S&P 500 gained 0.29%.\nThe Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.\nThe pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.\nEmerging market stocks lost 0.46%.\nThe benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.\nThe dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.\nThe Australian dollar rose 0.08% versus the greenback at $0.780.\nOil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate $(WTI)$ crude dropped 20 cents, or 0.3%, to end at $63.68.","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":353558337,"gmtCreate":1616509229629,"gmtModify":1704795085516,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Tiger please refill free commision ?","listText":"Tiger please refill free commision ?","text":"Tiger please refill free commision ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/353558337","repostId":"1125171845","repostType":4,"repost":{"id":"1125171845","pubTimestamp":1616508199,"share":"https://ttm.financial/m/news/1125171845?lang=&edition=fundamental","pubTime":"2021-03-23 22:03","market":"us","language":"en","title":"After a big first year, expect smaller and choppier gains from the rest of this bull market","url":"https://stock-news.laohu8.com/highlight/detail?id=1125171845","media":"cnbc","summary":"KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the","content":"<div>\n<p>KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After a big first year, expect smaller and choppier gains from the rest of this bull market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter a big first year, expect smaller and choppier gains from the rest of this bull market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big ...</p>\n\n<a href=\"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/03/23/after-a-big-first-year-expect-smaller-and-choppier-gains-from-the-rest-of-this-bull-market.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1125171845","content_text":"KEY POINTS\n\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline ever in such a short time.\nFrom big declines, strong bull markets are usually born: There have only been five other bear-markets with declines of 30% or more since World War II, and the resulting bull market market was able to carry its strong gains into a second year every single time, according LPL Financial.\nHowever, the first year’s comeback rally is usually hard to top, and the second year of a new bull market is prone to pullbacks.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,099, representing a 4% gain from here, according to the CNBC Market Strategist Survey that rounds up 15 top strategists’ forecasts.\n\nPrecisely one year ago, a new bull market was born. Powered by unprecedented stimulus, stocks crawled out of their deep pandemic rout and started sprinting.\nHistory indicates that after big bear market declines, strong bull markets usually follow with gains carrying into a second year. However, investors should expect a smaller return over the next 12 months with a choppier road to get there.\nIt was on March 23, 2020 when the S&P 500 hit its bottom after the Covid crisis sent the equity benchmark tumbling 30% in 22 days, the biggest decline in such a short time. There have been five other bear-market sell-offs of 30% or more since World War II, and the market has been up every single time in year two with a near 17% return on average, according to data from LPL Financial.\n\nStill, the first year’s comeback rally is usually hard to top. Only in the aftermath of the 1987 crash did stocks advance more during year two than year one, according to the data. Plus, the second year of a new bull market is prone to pullbacks with an average drawdown of 10%, LPL said.\nThe S&P 500 has bounced about 80% from its March bottom, marking the best start to a new bull market on record, LPL data showed. This historic beginning could open the door for sophomore slumps and more volatility on the horizon.\n“Embarking on the second year of the current bull market could be just as exciting for investors, but it is easy to question if the strength will continue,” said Lindsey Bell, chief investment strategist at Ally Invest. “Think of the sports free agent who disappoints after scoring the nine-figure contract, or the sequel that just doesn’t live up to the original.”\n4% gain from here?\nWall Street’s consensus year-end target for the S&P 500 stands at 4,099, representing a 4% gain from Monday’s close of 3,940.59, according to the CNBC Market Strategist Survey that rounds up 15 top strategists’ forecasts.\n\nThe bull market was officially declared when the S&P 500 wiped out its pandemic losses and reached a record closing high on Aug. 18, then the beginning of a bull cycle was traced back to the market trough with the benefit of hindsight.\nStill, the “black swan” event of 2020 makes the current bull market one of a kind. Unlike the past few crises where the malfunction of the financial markets was the culprit, this time the downturn was triggered by a pandemic. And in contrast to the slow and steady recovery in the previous cycles, this rebound has been extraordinarily rapid, thanks to trillions of dollars of aid from Congress and the Federal Reserve.\n“This is the first bull market that any of us have been through where it’s been essentially manufactured by the government and by the Fed,” said Tom Essaye, founder of Sevens Report. “The huge stock gains didn’t come organically. They were essentially decreed by the government taking on enormous amounts of debt and deficits to spur economic activity. That does change the outlook going forward.”\nWhile the history is on the market’s side, many believe that the lasting power of the new bull hinges on its ability to sustain the rally without massive amounts of stimulus. A new round of stimulus checks just started to hit Americans’ bank accounts this month. Once the stimulus boost fades out, Wall Street is betting that corporate earnings will then do the heavy-lifting and keep the lofty promises that stock prices have made.\nWhat are the risks?\nAt its current level, the S&P 500 is trading more than 21 times projections for next year’s earnings, a level not seen since 2000, according to FactSet.\n\n“You are essentially transitioning from a government-infused rally to what we hope would be an organically economically infused rally where the economy reopens and that in turn just feeds on itself,” Essaye said.\nMeanwhile, inflation expectations are rising amid the historic economic reopening and massive stimulus, making it harder to justify stocks’ lofty valuations. The concern has manifested itself in the year-to-date underperformance of the tech-heavy Nasdaq Composite as higher inflation and interest rates erode growth-oriented companies’ future earnings.\nAnother possible threat as this bull market ages could be higher tax rates with President Joe Biden set to propose higher duties to fund a grand infrastructure program. Goldman U.S. equity strategist David Kostin warned investors that Biden’s tax plans could curb S&P 500 per-share earnings by 9%.\nBiden has signaled his willingness to raise the corporate tax rate to 28% in a partial rollback of President Donald Trump’s 2017 tax overhaul. Meanwhile, Biden also endorsed upping the top marginal tax rate to 39.6% and taxing capital gains and dividends at the higher ordinary income tax rate.\nWells Fargo believes that corporate tax rates will rise but fall short of Biden’s 28% proposal, and any damage from higher taxes will be softened by stronger corporate earnings.\n“We believe record-level economic growth and fiscal spending will support higher profits, potentially offsetting the drag from a higher tax regime,” Ken Johnson, investment strategy analyst at Wells Fargo, said in a note.","news_type":1},"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350350248,"gmtCreate":1616162242484,"gmtModify":1704791730554,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Can't seem to get rewards&nbsp;","listText":"Can't seem to get rewards&nbsp;","text":"Can't seem to get rewards","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/350350248","repostId":"1152653258","repostType":4,"repost":{"id":"1152653258","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616160699,"share":"https://ttm.financial/m/news/1152653258?lang=&edition=fundamental","pubTime":"2021-03-19 21:31","market":"us","language":"en","title":"S&P 500 opens flat, heads for losing week as rising rate fears linger","url":"https://stock-news.laohu8.com/highlight/detail?id=1152653258","media":"Tiger Newspress","summary":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not","content":"<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat, heads for losing week as rising rate fears linger</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat, heads for losing week as rising rate fears linger\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-19 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152653258","content_text":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.The Dow Jones Industrial Average fell 70 points, while the S&P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively.The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.For the week, the Dow is up about 0.3%, while the S&P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374232797,"gmtCreate":1619447718319,"gmtModify":1704724082511,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Help me out by liking! Ty!&nbsp;","listText":"Help me out by liking! Ty!&nbsp;","text":"Help me out by liking! Ty!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374232797","repostId":"1184404050","repostType":4,"repost":{"id":"1184404050","pubTimestamp":1619319329,"share":"https://ttm.financial/m/news/1184404050?lang=&edition=fundamental","pubTime":"2021-04-25 10:55","market":"us","language":"en","title":"What to watch in the markets this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1184404050","media":"CNBC","summary":"The last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product a","content":"<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to watch in the markets this week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to watch in the markets this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-25 10:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GOOG":"谷歌","AAPL":"苹果",".SPX":"S&P 500 Index","GOOGL":"谷歌A","AMZN":"亚马逊",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184404050","content_text":"KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product and the Fed’s favorite inflation measure: the personal consumption expenditures deflator.The final week of April is going to be a busy one for markets with a Federal Reserve meeting and a deluge of earnings news.Hot topics in markets will continue to be inflation and taxes.President Joe Biden is expected to detail his “American Families Plan” and the tax increases to pay for it, including a much higher capital gains tax for the wealthy.The plan is the second part of his Build Back Better agenda and will include new spending proposals aimed at helping families. The president addresses a joint session of Congress Wednesday evening.It’s a huge week for earnings with about a third of the S&P 500 reporting, including Big Tech names, such as Apple,Microsoft,Alphabet and Amazon.As many have already done, firms like Boeing, Ford,Caterpillar and McDonald’s, are likely to detail cost pressures they are facing from rising materials and transportation costs and supply chain disruptions.At the same time, the Fed is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. The central bank meets on Tuesday and Wednesday.The central bank takes the main stage“I think the Fed would like not to be a feature next week, but the Fed will be forced from the background because of concerns about inflation,” said Diane Swonk, chief economist at Grant Thornton.The central bank is not expected to make any policy moves, but Fed Chairman Jerome Powell’s press briefing following the meeting Wednesday will be closely watched.So far, the barrage of earnings news has been positive, with 86% of companies reporting earnings beats. Corporate profits are expected to be up about 33.9% for the first quarter, based on estimates and actual reports, according to Refinitiv. Revenues are about 9.9% higher.There is important inflation data Friday when the Fed’s preferred inflation gauge is reported.The personal consumption expenditure report is expected to show a 1.8% rise in core inflation, still below the Fed’s target of 2%. Other data releases include the first-quarter gross domestic product on Thursday, which is expected to have grown by 6.5%, according to Dow Jones.“I think the Fed has no urgency to shift monetary policy at this point,” said Ian Lyngen, head of U.S. rates strategy at BMO. “The Fed needs to acknowledge that the data is improving. We had a strong first quarter.”“The Fed needs to acknowledge that but at the same time they’re keeping extremely accommodative policy in place, so they’ll have to make a note to the fact that the easy policy is warranted,” he said.Lyngen said the Fed will likely point to continued concerns about the pandemic globally as a potential risk to the economic recovery.Powell is also expected to once more explain that the Fed will let inflation rise above its 2% target for a period of time before it raises rates so that the economy can have more time to heal. “It’s going to be a challenge for the Fed,” said Swonk.The base effects for the next several months will make inflation appear to have jumped sharply because of the comparison to a weak period last year. The consumer price index for April could be above 3%, compared to 2.6% last month, Swonk added.“The Fed is trying to let a lot more people get out onto the dance floor before it calls ‘last call,’” she said. “Really what Powell has been saying since day one is if we take care of people on the margins and bring them back into the labor force, the rest will take care of itself.”Stocks were slightly lower in the past week, and Treasury yields held at lower levels. The 10-year yield,which moves opposite price, was at 1.55% Friday.The S&P 500was down 0.1%, ending the week at 4,180, while Nasdaq Composite was down nearly 0.3% at 14,016. The Dow was off just shy of 0.5% at 34,043.Tax hike prospectsStocks were hit hard on Thursday when after a news report said that Biden is expected to propose a capital gains tax rate of 39.6% for people earning more than $1 million a year.Combined with the 3.8% net investment income tax, the new levy would more than double the long term capital gains rate of 20% or the richest Americans.Strategists said Biden is expected to propose raising the income tax rate for those earning more than $400,000.“I think a lot of people are starting to price in the risk there going to be a significant increase in both corporate and capital gains taxes,” said Lyngen.So far, companies have not provided much in the way of commentary on the proposed hike in corporate taxes to 28% from 21% but they have been talking about other costs.David Bianco, chief investment strategist for the Americas at DWS, said he expects larger companies will do better dealing with supply chain constraints than smaller ones. Big Tech is also likely to fare better during the semiconductor shortage than auto makers, which have already announced production shutdowns, he said.“Next week is tech week. I think we’re going to get down on our knees and just be in awe of their business models and their ability to grow at a behemoth scale,” Bianco said.He said he’s not in favor of Wall Street’s popular trade into cyclicals and out of growth. He still favors growth.“We’re overweight equities really because we’re concerned about rising interest rates,” Bianco said. “I’m not bullish in that I expect the market to rise that much from here.”“We stuck with growth and dug deeper into bond substitutes, utilities, staples, real estate,” he said, adding he is underweight industrials, energy and materials. “Energy is doomed. It’s being nationalized via regulation. I do like industrials, they are well-run companies, but I do think infrastructure spending expectations for classic infrastructure are too high.”He also said industrials are good businesses, but the stocks have become overvalued.Bianco said he likes big box stores, but smaller retailers are facing big challenges that were already impacting them prior to Covid. He also finds small biotech firms attractive.“I like healthcare stocks. Those valuations are reasonable. People have been paranoid about politicians beating on them since 1992. They manage through it and lately they’ve been delivering,” he said.Week ahead calendarMondayEarnings:Tesla,Canadian National Railway, Canon,Check Point Software,Otis Worldwide, Vale,Ameriprise,NXP Semiconductor,Albertsons, Royal Phillips8:30 a.m. Durable goodsTuesdayFOMC begins two day meetingEarnings:Microsoft,Alphabet,Visa,Amgen,Advanced Micro Devices,3M,General Electric,Eli Lilly, Hasbro,United Parcel Service,BP,Novartis,JetBlue,Pultegroup,Archer Daniels Midland,Waste Management,Starbucks,Texas Instrument,Chubb,Mondelez,FireEye,Corning,Raytheon9:00 a.m. S&P/Case-Shiller9:00 a.m. FHFA home prices10:00 a.m. Consumer confidence10:00 a.m. Housing vacanciesWednesdayEarnings:Apple, Boeing,Facebook,Qualcomm,Ford,MGM Resorts,Humana,Norfolk Southern,General Dynamics,Boston Scientific, eBay, Samsung Electronics, GlaxoSmithKline,Yum Brands, SiriusXM, Aflac,Cheesecake Factory,Community Health System,CIT Group,Entergy,CME Group,Hess,Ryder System8:30 a.m. Advance economic indicators2:00 p.m. Fed statement2:30 p.m. Fed Chairman Jerome Powell briefingThursdayEarnings:Amazon,Caterpillar,McDonald’s,Twitter,Bristol-Myers Squibb,Comcast,Merck,Northrop Grumman, Airbus,Kraft Heinz,Intercontinental Exchange,Mastercard,Gilead Sciences,U.S. Steel, Cirrus Logic,Texas Roadhouse, Cabot Oil, PG&E,Royal Dutch Shell,Church & Dwight, Carlyle Group,Southern Co.8:30 a.m. Initial jobless claims8:30 a.m. Real GDP Q110:00 a.m. Pending home salesFridayEarnings:ExxonMobil,Chevron,Colgate-Palmolive,AstraZeneca,Clorox,Barclays, AbbVie, BNP Paribas,Weyerhaeuser,Illinois Tool Works, CBOE Global Markets, Lazard,Newell Brands,Aon,LyondellBasell,Pitney Bowes,Phillips 66,Charter Communications8:30 a.m. Personal income and spending8:30 a.m. Employment cost index Q19:45 a.m. Chicago PMI10:00 a.m. Consumer sentimentSaturdayEarnings:Berkshire Hathaway","news_type":1},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341103949,"gmtCreate":1617788197381,"gmtModify":1704703135571,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Nio huat huat&nbsp;","listText":"Nio huat huat&nbsp;","text":"Nio huat huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341103949","repostId":"1155592825","repostType":4,"repost":{"id":"1155592825","pubTimestamp":1617787968,"share":"https://ttm.financial/m/news/1155592825?lang=&edition=fundamental","pubTime":"2021-04-07 17:32","market":"us","language":"en","title":"Best Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1155592825","media":"investorplace","summary":"Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Do","content":"<p>Chinese electric vehicle (EV) maker<b>Nio</b>(NYSE:<b><u>NIO</u></b>) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name that ought to be avoided, depending on who you ask.</p><p><img src=\"https://static.tigerbbs.com/de64ef7424a41df0c883c361220b278d\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\">Source: xiaorui / Shutterstock.com</p><p>That said, let’s take a closer look at how the company fared in the first three months of the year.</p><p>Niodelivered just over 20,000 vehicles in the first quarter of 2021, a 423% increase year-over-year.&nbsp; Additionally, 7,257 vehicles delivered in March marked a new monthly record and 373% growth over the same month in 2020.</p><p>The strong sales numbers came despite the companyclosing its Heifei production plant for five daysin late March due to the ongoing semiconductor shortage. The company initially said thatsupply constraint would slightly reduce the number of vehicles deliveredin the first quarter, but ultimately met its initial outlook.</p><p>However, Nio also said itschip shortage is likely to hit production in Q2 of 2020.</p><p>Chip Shortage Hurting EV makers</p><p>The ongoing semiconductor shortage is probably the single biggest story for NIO stock right now, though trade tensions with China are certainly uncomfortably high for investors in foreign stocks. That said, low tariffs and friendly international relations will mean very little to Nio stockholders unless their electric vehicle company is producing electric vehicles.</p><p>Unfortunately for NIO and other automakers,the chip shortage could continue into 2022. And it’scompounded by a foam shortage. This is an issue because automakers use foam in their seats. But that foam is made from oil refinery byproducts, which have been in short supply due to refineries suspending operations.</p><p>Infrastructure Plan for Charging Stations</p><p>Moreover, news thatthe Biden administration is eyeing these supply chain constraintsmight reassure investors, but the biggest benefit from Biden could be his$2.3 billion infrastructure proposal, which includes$174 billion for promoting EVs and EV charging stations. In turn, a big government investment to expand charging networks would dramaticallywiden the market for EVs.</p><p>However, the President isn’t nearly as keen on China as he is on EVs — which is bad news for NIO stock. The ongoing trade war between the two nations saw recent trade talks in the second half of March, which didn’t end particularly well; theU.S. Securities and Exchange Commission decided to go ahead and instate Trump-era measures regarding the auditing and delisting of Chinese stocks.</p><p>With that, the trade war has been a major downer for Chinese companies across the board, but particularly volatile for EV makers. Investor enthusiasm for this sector has surged in the past year, but just because EV bulls were right doesn’t mean NIO bulls will be.</p><p>Overall, electric vehicles are here to stay. But it’s anybody’s guess which specific companies will be around in six months, let alone the automaking juggernauts of tomorrow.</p><p>Bottom Line on NIO Stock</p><p>I’m not suggesting NIO stock is poised to crash any time soon, but investors should be aware that the entire sector is quite frothy right now. Gains are outsized, but so too are losses. It makes sense that big headlines regarding the chip shortage and the trade war have seriously impacted NIO stock.</p><p>When Nio reported Q4 and full-year 2020 earnings on March 1, an earnings miss was offset by arevenue beat and strong delivery numbers. Majorgrowth in vehicle marginswas a clear highlight pointing towards increased profitability for the company.</p><p>Also, Nio recentlyfiled paperwork to list on the Hong Kong exchanges, which will broaden its ability to raise capital. And the company has recentlyregistered a trademark for a new model of car, which should excite investors and customers alike.</p><p>So, while there may be some negativity surrounding NIO stock, the EV company looks like it could make a comeback as we move further into 2021.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Best Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBest Stocks for 2021: Still Charging Up, Don’t Count NIO out Just Yet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-07 17:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name ...</p>\n\n<a href=\"https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/04/best-stocks-for-2021-still-charging-up-dont-count-nio-out-just-yet/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155592825","content_text":"Chinese electric vehicle (EV) makerNio(NYSE:NIO) hasn’t exactly wowed investors thus far in 2021. Down about 18% year-to-date, NIO stock is either an obvious buy on every dip or a too-volatile name that ought to be avoided, depending on who you ask.Source: xiaorui / Shutterstock.comThat said, let’s take a closer look at how the company fared in the first three months of the year.Niodelivered just over 20,000 vehicles in the first quarter of 2021, a 423% increase year-over-year.  Additionally, 7,257 vehicles delivered in March marked a new monthly record and 373% growth over the same month in 2020.The strong sales numbers came despite the companyclosing its Heifei production plant for five daysin late March due to the ongoing semiconductor shortage. The company initially said thatsupply constraint would slightly reduce the number of vehicles deliveredin the first quarter, but ultimately met its initial outlook.However, Nio also said itschip shortage is likely to hit production in Q2 of 2020.Chip Shortage Hurting EV makersThe ongoing semiconductor shortage is probably the single biggest story for NIO stock right now, though trade tensions with China are certainly uncomfortably high for investors in foreign stocks. That said, low tariffs and friendly international relations will mean very little to Nio stockholders unless their electric vehicle company is producing electric vehicles.Unfortunately for NIO and other automakers,the chip shortage could continue into 2022. And it’scompounded by a foam shortage. This is an issue because automakers use foam in their seats. But that foam is made from oil refinery byproducts, which have been in short supply due to refineries suspending operations.Infrastructure Plan for Charging StationsMoreover, news thatthe Biden administration is eyeing these supply chain constraintsmight reassure investors, but the biggest benefit from Biden could be his$2.3 billion infrastructure proposal, which includes$174 billion for promoting EVs and EV charging stations. In turn, a big government investment to expand charging networks would dramaticallywiden the market for EVs.However, the President isn’t nearly as keen on China as he is on EVs — which is bad news for NIO stock. The ongoing trade war between the two nations saw recent trade talks in the second half of March, which didn’t end particularly well; theU.S. Securities and Exchange Commission decided to go ahead and instate Trump-era measures regarding the auditing and delisting of Chinese stocks.With that, the trade war has been a major downer for Chinese companies across the board, but particularly volatile for EV makers. Investor enthusiasm for this sector has surged in the past year, but just because EV bulls were right doesn’t mean NIO bulls will be.Overall, electric vehicles are here to stay. But it’s anybody’s guess which specific companies will be around in six months, let alone the automaking juggernauts of tomorrow.Bottom Line on NIO StockI’m not suggesting NIO stock is poised to crash any time soon, but investors should be aware that the entire sector is quite frothy right now. Gains are outsized, but so too are losses. It makes sense that big headlines regarding the chip shortage and the trade war have seriously impacted NIO stock.When Nio reported Q4 and full-year 2020 earnings on March 1, an earnings miss was offset by arevenue beat and strong delivery numbers. Majorgrowth in vehicle marginswas a clear highlight pointing towards increased profitability for the company.Also, Nio recentlyfiled paperwork to list on the Hong Kong exchanges, which will broaden its ability to raise capital. And the company has recentlyregistered a trademark for a new model of car, which should excite investors and customers alike.So, while there may be some negativity surrounding NIO stock, the EV company looks like it could make a comeback as we move further into 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327248972,"gmtCreate":1616099144496,"gmtModify":1704790937365,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Nicee","listText":"Nicee","text":"Nicee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327248972","repostId":"1136193758","repostType":4,"repost":{"id":"1136193758","pubTimestamp":1616084780,"share":"https://ttm.financial/m/news/1136193758?lang=&edition=fundamental","pubTime":"2021-03-19 00:26","market":"us","language":"en","title":"China’s Tuya Is Poised to Raise $915 Million in U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1136193758","media":"Bloomberg","summary":"(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares s","content":"<p>(March 18)&nbsp;Tuya opens for trading at $27.21, up 29.57% from IPO price.</p><p><img src=\"https://static.tigerbbs.com/87927b685d980a8f608fbfd7b8ad16c1\" tg-width=\"662\" tg-height=\"418\"></p><ul><li>Tencent-backed firm’s shares set to price above marketed range</li><li>Company’s cloud platform used to manage smart devices</li></ul><p>Tuya Inc., a software company backed by&nbsp;New Enterprise Associates&nbsp;and&nbsp;Tencent Holdings Ltd., is on track to raise $915 million in a U.S. initial public offering priced above its marketed range, said a person familiar with the matter.</p><p>The company on Wednesday told prospective investors it would sell American depositary shares for $21 each, the person said, asking not to be identified as the matter is private. Tuya had marketed 43.59 million shares for $17 to $20 each.</p><p>At $915 million, the listing will be the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised $1.6 billion in January.</p><p>The shares, representing one Class A common share, would give the company a market value of $11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.</p><p>IFR first reported the share price guidance on Wednesday. A company spokesperson declined to comment.</p><p>The company’s cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.</p><p>Tuya had a net loss of $67 million on revenue of $180 million in 2020.</p><p>The offering is being led by&nbsp;Morgan Stanley, Bank of America Corp. and&nbsp;China International Capital Corp.The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Tuya Is Poised to Raise $915 Million in U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s Tuya Is Poised to Raise $915 Million in U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 00:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares set to price above marketed rangeCompany’s cloud platform used to manage smart devicesTuya Inc., a ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TUYA":"涂鸦智能"},"source_url":"http://bloomberg.com/news/articles/2021-03-18/china-s-tuya-is-said-poised-to-raise-915-million-in-u-s-ipo?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136193758","content_text":"(March 18) Tuya opens for trading at $27.21, up 29.57% from IPO price.Tencent-backed firm’s shares set to price above marketed rangeCompany’s cloud platform used to manage smart devicesTuya Inc., a software company backed by New Enterprise Associates and Tencent Holdings Ltd., is on track to raise $915 million in a U.S. initial public offering priced above its marketed range, said a person familiar with the matter.The company on Wednesday told prospective investors it would sell American depositary shares for $21 each, the person said, asking not to be identified as the matter is private. Tuya had marketed 43.59 million shares for $17 to $20 each.At $915 million, the listing will be the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised $1.6 billion in January.The shares, representing one Class A common share, would give the company a market value of $11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.IFR first reported the share price guidance on Wednesday. A company spokesperson declined to comment.The company’s cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.Tuya had a net loss of $67 million on revenue of $180 million in 2020.The offering is being led by Morgan Stanley, Bank of America Corp. and China International Capital Corp.The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372891299,"gmtCreate":1619189028711,"gmtModify":1704721059748,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Can't wait for ipo","listText":"Can't wait for ipo","text":"Can't wait for ipo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372891299","repostId":"1131579471","repostType":4,"repost":{"id":"1131579471","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619187935,"share":"https://ttm.financial/m/news/1131579471?lang=&edition=fundamental","pubTime":"2021-04-23 22:25","market":"us","language":"en","title":"ByteDance says it has no recent plans for public listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1131579471","media":"Tiger Newspress","summary":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an","content":"<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p>Recently, there are a lot of news about the company will be listed.</p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ByteDance says it has no recent plans for public listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nByteDance says it has no recent plans for public listing\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-23 22:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p>Recently, there are a lot of news about the company will be listed.</p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131579471","content_text":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.Recently, there are a lot of news about the company will be listed.ByteDance last month hired former Xiaomi executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a report in the South China Morning Post.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357652968,"gmtCreate":1617271057554,"gmtModify":1704698085507,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Like for huat","listText":"Like for huat","text":"Like for huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357652968","repostId":"1188307475","repostType":2,"repost":{"id":"1188307475","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616745710,"share":"https://ttm.financial/m/news/1188307475?lang=&edition=fundamental","pubTime":"2021-03-26 16:01","market":"us","language":"en","title":"UP Fintech Holding Limited Posts 136% Revenue Growth in 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1188307475","media":"Tiger Newspress","summary":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all ","content":"<p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.</p><p>Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.</p><p>Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.</p><p>“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”</p><p>The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.</p><p>“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.</p><p></p><p><img src=\"https://static.tigerbbs.com/62567c7cd9272fd787fb3a1a7bf00ebb\" tg-width=\"620\" tg-height=\"14596\">Safe Harbor Statement</p><p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech Holding Limited Posts 136% Revenue Growth in 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Holding Limited Posts 136% Revenue Growth in 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-26 16:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.</p><p>Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.</p><p>Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.</p><p>“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”</p><p>The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.</p><p>“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.</p><p></p><p><img src=\"https://static.tigerbbs.com/62567c7cd9272fd787fb3a1a7bf00ebb\" tg-width=\"620\" tg-height=\"14596\">Safe Harbor Statement</p><p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188307475","content_text":"UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.","news_type":1},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350013775,"gmtCreate":1616136972498,"gmtModify":1704791401216,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Yea tsla","listText":"Yea tsla","text":"Yea tsla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350013775","repostId":"1196402560","repostType":4,"repost":{"id":"1196402560","pubTimestamp":1616134696,"share":"https://ttm.financial/m/news/1196402560?lang=&edition=fundamental","pubTime":"2021-03-19 14:18","market":"us","language":"en","title":"New Electric Vehicle Investment Roadmap","url":"https://stock-news.laohu8.com/highlight/detail?id=1196402560","media":"seekingalpha","summary":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, an","content":"<p><b>Summary</b></p>\n<ul>\n <li>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.</li>\n <li>Last October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.</li>\n <li>So, I updated and greatly expanded the previous EV investment roadmap.</li>\n <li>This update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.</li>\n <li>It also classifies these EV companies into their primary market categories and summarizes their different strategies.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb96acc615cba9c7842860658c019ab1\" tg-width=\"768\" tg-height=\"432\"><span>Photo by Sven Loeffler/iStock via Getty Images</span></p>\n<p>My article&nbsp;Electric Vehicle Investment Roadmap&nbsp;published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.</p>\n<p>This new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.</p>\n<p>In addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.</p>\n<p>Approximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.</p>\n<p>There are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.</p>\n<p>EVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.</p>\n<p>So, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.</p>\n<p>This new roadmap for EV investment classifies companies into three primary markets segments:</p>\n<ul>\n <li>The<b><i>Consumer Retail</i></b>segment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.</li>\n <li>The<b><i>Commercial Delivery</i></b>segment includes local delivery EV vans and trucks sold to fleets.</li>\n <li>The<b><i>Medium- and Long-Haul Trucking</i></b>segment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.</li>\n</ul>\n<p>In addition, it categorizes<b>Legacy Manufacturers</b>and<b>Chinese EV Companies</b>. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.</p>\n<p>There is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.</p>\n<p>So let's start by looking at an overview of comparative EV valuations.</p>\n<p><b>EV Investment Valuation Overview</b></p>\n<p>The following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.</p>\n<p>In the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.</p>\n<p>All of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.</p>\n<p><img src=\"https://static.tigerbbs.com/bc360dfa7de01516b7f68d5962cf3017\" tg-width=\"640\" tg-height=\"883\"></p>\n<p>Tesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.</p>\n<p><b>Tesla (TSLA)</b></p>\n<p>In the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.</p>\n<p>The investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.</p>\n<p>There is a great deal already published about Tesla, so I'll move on.</p>\n<p><b>Legacy Automakers</b></p>\n<p>Some people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.</p>\n<p>The competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?</p>\n<p>Almost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.</p>\n<p><b>General Motors (GM)</b></p>\n<p>GM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.</p>\n<p>GM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.</p>\n<p>The key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.</p>\n<p>GM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.</p>\n<p>With its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.</p>\n<p><b>Ford (F)</b></p>\n<p>Ford is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd8523e15bccc57790940d4218f7b94e\" tg-width=\"1920\" tg-height=\"1080\"><span>Mustang Mach-E. Source: Ford</span></p>\n<p>Ford's market cap is approximately $51 billion, twice its previous market cap, and also increasing.</p>\n<p><b>Consumer Retail EV Companies</b></p>\n<p>The consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.</p>\n<p>However, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.</p>\n<p>In addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.</p>\n<p>Let's look closer at the alternative consumer retail EV investments.</p>\n<p><b>Lucid Motors (CCIV)</b></p>\n<p>Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.</p>\n<p>Lucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.</p>\n<p>The company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.</p>\n<p>The company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.</p>\n<p>Lucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.</p>\n<p>Lucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.</p>\n<p><b>Fisker (FSR)</b></p>\n<p>Fisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.</p>\n<p>However, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.</p>\n<p>Fisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.</p>\n<p>The Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/924a617c90fc3276d7bdab8c64ebfdcf\" tg-width=\"744\" tg-height=\"389\"><span>Fisker Ocean. Source: Fisker</span></p>\n<p>Fisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.</p>\n<p><b>Faraday Future (PSAC)</b></p>\n<p>Faraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.</p>\n<p>In December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.</p>\n<p>Somehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.</p>\n<p>Faraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e38bfb3211c72bb73bc26f2ebe296fe\" tg-width=\"1280\" tg-height=\"854\"><span>FF 91. Source: Faraday Future</span></p>\n<p>Its strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.</p>\n<p>Faraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.</p>\n<p>The Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.</p>\n<p>Faraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking &amp; summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive &amp; auto-park features.</p>\n<p>In January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.</p>\n<p>Faraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.</p>\n<p><b>Lordstown Motors (RIDE)</b></p>\n<p>Lordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.</p>\n<p>Lordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.</p>\n<p>Its first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.</p>\n<p>It believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.</p>\n<p>Even though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.</p>\n<p>The Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.</p>\n<p>At the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.</p>\n<p>A fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>Canoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.</p>\n<p>Canoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.</p>\n<p>Hyundai Motor Group said it would jointly develop an electric vehicle platform with the company.</p>\n<p>Canoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.</p>\n<p>Its all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle</p>\n<p>It plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.</p>\n<p>The MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.</p>\n<p>The original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.</p>\n<p>Since its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.</p>\n<p><b>Rivian</b></p>\n<p>Although not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.</p>\n<p>Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.</p>\n<p>Additional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.</p>\n<p><b>Commercial Delivery EV Companies</b></p>\n<p>EV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.</p>\n<p>Companies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.</p>\n<p>The disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.</p>\n<p>The commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.</p>\n<p>This group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:</p>\n<ul>\n <li>Class 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.</li>\n <li>Class 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1</li>\n <li>Class 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.</li>\n</ul>\n<p>It can also include somewhat larger medium-duty EV delivery trucks:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n</ul>\n<p>EV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.</p>\n<p>Last-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.</p>\n<p><b>Workhorse Group (WKHS)</b></p>\n<p>Workhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.</p>\n<p>The Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.</p>\n<p>The C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.</p>\n<p>Workhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.</p>\n<p>Workhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.</p>\n<p>Workhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.</p>\n<p><b>Electric Last Mile (FIII)</b></p>\n<p>Electric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.</p>\n<p>The company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.</p>\n<p>The company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.</p>\n<p>Electric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.</p>\n<p>ELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.</p>\n<p>ELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.</p>\n<p>Its crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.</p>\n<p>ELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.</p>\n<p><b>GreenPower Motor Company (GP)</b></p>\n<p>GreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.</p>\n<p>In 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.</p>\n<p>GreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:</p>\n<ul>\n <li>EV Star - Up to 19 passengers</li>\n <li>EV Star Plus - Up to 24 passengers</li>\n <li>EV Star ADA - Passenger and curbside lift for ADA</li>\n <li>EV Star Cargo - 5,000 pounds of load</li>\n <li>EV Star Cargo Plus - 570 cubic feet of cargo space.</li>\n</ul>\n<p>Its EV school bus seats up to 90 students and has a range of up to 150 miles.</p>\n<p>GreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.</p>\n<p><b>Arrival (CIIC)</b></p>\n<p>Arrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.</p>\n<p>Arrival plans on releasing four commercial EVs over the next few years.</p>\n<ul>\n <li>Q4/2021: An electric bus for 8-125 passengers and a range of 240-400km</li>\n <li>Q3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km</li>\n <li>2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km</li>\n <li>2023: a small vehicle platform with a range of 100-300km.</li>\n</ul>\n<p>This mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.</p>\n<p>Arrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.</p>\n<p><b>Proterra (ACTC)</b></p>\n<p>Proterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.</p>\n<p>Proterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.</p>\n<p>It is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&amp;D and the expansion of its next-generation battery program.</p>\n<p>Proterra has three complementary businesses:</p>\n<ul>\n <li><b>Proterra Powered</b>: Delivering battery systems and electrification solutions to commercial vehicle manufacturers</li>\n <li><b>Proterra Transit:</b>Providing an electric transit bus OEMs</li>\n <li><b>Proterra Energy:</b>Offering turnkey charging and energy management solutions.</li>\n</ul>\n<p>The company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.</p>\n<p>Proterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered &amp; Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.</p>\n<p><b>Rivian</b></p>\n<p>Rivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.</p>\n<p>The EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.</p>\n<p><b>Canoo (GOEV)</b></p>\n<p>See the previous summary under consumer retail EV.</p>\n<p>Medium and Long-Haul Trucking EV Companies</p>\n<p>Companies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.</p>\n<p>For this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.</p>\n<p><b>Medium-Duty Trucks</b></p>\n<p>The medium-duty trucks category includes commercial truck classes 4, 5, and 6:</p>\n<ul>\n <li>Class 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.</li>\n <li>Class 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.</li>\n <li>Class 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1</li>\n</ul>\n<p><b>Heavy-Duty Trucks</b></p>\n<p>The heavy-duty trucks category includes commercial truck classes 7 and 8:</p>\n<ul>\n <li>Class 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.</li>\n <li>Class 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.</li>\n</ul>\n<p>The Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.</p>\n<p><b>Nikola</b><b>(NASDAQ:NKLA)</b></p>\n<p>Nikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.</p>\n<p>Nikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.</p>\n<p>Nikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.</p>\n<p>Nikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.</p>\n<p>It has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.</p>\n<p>Nikola was also accused of misrepresentation, and its executive chairman and founder stepped down.</p>\n<p>At the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.</p>\n<p><b>Hyliion (HYLN)</b></p>\n<p>Hyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.</p>\n<p>Hyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.</p>\n<p>Kuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.</p>\n<p>Hyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.</p>\n<p>The combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.</p>\n<p><b>XL Fleet (XL)</b></p>\n<p>XL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.</p>\n<p>XL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.</p>\n<p>Unlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.</p>\n<p>Short-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.</p>\n<p>The original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.</p>\n<p><b>Xos (NGAC)</b></p>\n<p>Xos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.</p>\n<p>Its focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.</p>\n<p>Its MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.</p>\n<p>Xos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.</p>\n<p>Xos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.</p>\n<p><b>Lion Electric (NGA)</b></p>\n<p>Lion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.</p>\n<p>In November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.</p>\n<p>It plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.</p>\n<p>Its all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.</p>\n<p>Lion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.</p>\n<p><b>Lightning eMotors (GIK)</b></p>\n<p>Lightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.</p>\n<p>Lighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.</p>\n<p>The Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.</p>\n<p>Lightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.</p>\n<p>The deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.</p>\n<p>At the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.</p>\n<p><b>Public Chinese EV Companies</b></p>\n<p>China will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.</p>\n<p>The Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.</p>\n<p>These Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.</p>\n<p>In addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.</p>\n<p><b>BYD Co., Ltd. (OTCPK:BYDDY)</b></p>\n<p>BYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.</p>\n<p>By parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.</p>\n<p>BYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.</p>\n<p><b>LI Auto (LI)</b></p>\n<p>Lixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.</p>\n<p>The company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery pack<i>and</i>a 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.</p>\n<p>The Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.</p>\n<p>Deliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.</p>\n<p>LI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.</p>\n<p><b>XPeng (XPEV)</b></p>\n<p>Xiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.</p>\n<p>XPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.</p>\n<p>XPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.</p>\n<p>XPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.</p>\n<p>To enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.</p>\n<p>Xpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&amp;D, and builds out a new manufacturing plant set to open in 2022.</p>\n<p>Xpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.</p>\n<p>The stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.</p>\n<p><b>Nio (NIO)</b></p>\n<p>Unlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.</p>\n<p>Nio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.</p>\n<p>Nio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.</p>\n<p>Nio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.</p>\n<p>Nio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.</p>\n<p>Nio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.</p>\n<p><b>Summary</b></p>\n<p>It's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.</p>\n<p>This EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Electric Vehicle Investment Roadmap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Electric Vehicle Investment Roadmap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 14:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing...</p>\n\n<a href=\"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","002594":"比亚迪","HYLN":"Hyliion Holdings Corp.","NIO":"蔚来","GP":"GreenPower Motor Company Inc.","XPEV":"小鹏汽车","NKLA":"Nikola Corporation","FSR":"菲斯克","TSLA":"特斯拉","LI":"理想汽车","01211":"比亚迪股份","WKHS":"Workhorse Group, Inc.","GOEV":"Canoo Inc.","GM":"通用汽车"},"source_url":"https://seekingalpha.com/article/4414977-new-electric-vehicle-investment-roadmap","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196402560","content_text":"Summary\n\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this provides exciting investment opportunities.\nLast October, I wrote a popular article providing a roadmap for investing in electric vehicles, but since then, so much has changed: new entrants, new strategies, fluctuating valuations, etc.\nSo, I updated and greatly expanded the previous EV investment roadmap.\nThis update includes a deeper look at valuations for 23 EV companies with revenue projections, when available.\nIt also classifies these EV companies into their primary market categories and summarizes their different strategies.\n\nPhoto by Sven Loeffler/iStock via Getty Images\nMy article Electric Vehicle Investment Roadmap published five months ago, was popular, and some followers have requested an update. Many new EV companies entered the market, most of them through SPACs. Valuations fluctuated wildly, and there has been a great deal of publicity around these companies.\nThis new updated EV investment roadmap is greatly expanded. In addition to updating the strategies and progress of companies previously discussed, I expanded the number of companies covered. This article also groups EV companies into their primary markets, enabling better comparisons and evaluation of market opportunities. In addition, it includes a comparative valuation chart showing every company's market cap with a comparison to projected revenue, where possible. This takes advantage (good or bad) of looking at the long-term revenue forecasts provided in SPAC mergers that public companies can't make.\nIn addition to the EV manufacturers discussed here, there are also EV investment opportunities in charging station companies, battery manufacturers, and battery materials companies. These were covered in the original roadmap and may also be updated in a later article.\nApproximately 2 million EVs were sold in 2019, and although the number declined along with all auto sales in 2020, it is forecasted to increase in 2021 and reach 8-10 million by 2025. Some forecast that EV sales will be greater than internal combustion engine (ICE) vehicles by 2030, or even earlier. The automobile market appears to be moving toward a historical transformation, and exceptional investment gains can be made by anticipating new emerging industries and investing in the eventual winners of those new industries. Amazon(NASDAQ:AMZN), Google(NASDAQ:GOOG)(NASDAQ:GOOGL), and Facebook(NASDAQ:FB)are obvious examples. Electric vehicles (EVs) have the potential to create a new emerging industry.\nThere are also significant risks. Hundreds of new EV models are expected to be released in the next three years, which will drive rapid growth in EV sales. However, the expected sales from these new models, as well as the increasing expectations from Tesla, most likely exceed the total projected market. I wouldn't be surprised if many of the companies covered here won't exist five years from now. It reminds me of the internet bubble of the late 1990s when scores of internet-based companies went public with little or no revenue. Almost all of these failed within three years -- however, a couple, including Amazon, went on to enormous success.\nEVs provide a major new investment opportunity with high risks. To succeed, you need to have a clear EV investment roadmap.\nSo, how can you invest in this new emerging market? The EV landscape is complex and investment opportunities are varied. While Tesla is the unquestioned leader in EVs, some consider it overvalued and unlikely to show exceptional returns to new investors. The current U.S. legacy automakers are committed to introducing many new EVs in the next few years, and they have some entrenched advantages with volume manufacturing capabilities, a dealer infrastructure, and loyal customers. There are exciting new EV start-ups in the U.S. that have come public this year, mostly through Special Purpose Acquisition Companies (SPACs), and there are several interesting publicly traded Chinese EV manufacturers.\nThis new roadmap for EV investment classifies companies into three primary markets segments:\n\nTheConsumer Retailsegment includes EVs sold to consumers individually, such as SUVs, pickup trucks, sedans, etc.\nTheCommercial Deliverysegment includes local delivery EV vans and trucks sold to fleets.\nTheMedium- and Long-Haul Truckingsegment includes heavier Class 4 - Class 8 trucks, as well as special industrial vehicles.\n\nIn addition, it categorizesLegacy ManufacturersandChinese EV Companies. This enables investors to evaluate investment opportunities by considering unique opportunities within each market segment.\nThere is an enormous amount of investment optimism for EVs, and retail investors have been aggressively buying into EV stocks with seemingly no regard for valuation. Then there is the additional challenge of valuing companies with no revenue, especially those coming public through SPACs. So, valuation is an important investment consideration.\nSo let's start by looking at an overview of comparative EV valuations.\nEV Investment Valuation Overview\nThe following chart summarizes valuations for 23 EV companies, including several legacy companies. For SPACs, market cap estimates are computed using the pro forma number of shares at closing, otherwise using the valuation of the SPAC prior to closing drastically underestimates the valuation, which may be misleading to novice investors. Price/Sales ratios (market cap divided by revenue) are used to compare valuations. As a benchmark, current P/S ratios vary. For example, auto and truck companies have a ratio of 2.7X. Software companies have the highest ratios of over 10X.\nIn the chart, companies that currently have revenue show current P/S ratios. Where projections are available, projected P/S ratios are computed. A note of caution, however. Many of the EV companies came public through SPACs and published their projections (which public companies cannot do), and many of these are likely to prove unrealistic.\nAll of the longer-term revenue projections come from the company (C) forecasts with a SPAC. Some of these may turn out to be accurate, not many are most likely unrealistic. Some, like Lucid, Faraday, and Arrival forecast hitting more than $10 billion in revenue in a few years, when it took Tesla more than 10. Things are different now and they might achieve these, but they could also find that it will take longer to complete development, ramp up production, and create enough customer demand. Many companies may also find that there will be significant capital requirements to achieve this type of growth, and shareholders will be diluted.\n\nTesla, the \"gold standard\" in EVs, has a market cap of approximately $650 billion, which many people believe is overvalued. Its market cap is approximately 20X 2020 revenue and 10X estimated 2022 revenue.\nTesla (TSLA)\nIn the U.S., and to a lesser extent in China, Tesla is the dominant EV provider. It has approximately 60% of the U.S. EV market and about 20% of the market in China. I own a Tesla and love it, but an investment in Tesla stock requires getting comfortable with its valuation. Tesla has a market cap of approximately $650 billion, although declining lately, which some consider still overvalued while others see upside potential.\nThe investment opportunity with Tesla is based on the expectation that it will continue to dominate the EV market, or at least maintain significant market share, despite much greater competition from the expected introduction of hundreds of new EV models in the next few years.\nThere is a great deal already published about Tesla, so I'll move on.\nLegacy Automakers\nSome people think that the legacy automakers will simply fade away. Historically, that was the case in some other industries, but it is not going to happen to most automakers. They are not standing still waiting to become obsolete. Most have aggressive strategies to replace ICE vehicles with EVs. GM plans to invest $27 billion and build and launch as many as 30 new EV models by 2025. Ford plans to invest $29 billion in EVs by 2025 and launch as many as 16 EVs in the next two years. Volkswagen(OTCPK:VWAGY)has also committed billions to develop new EVs.\nThe competitive advantage that legacy automakers have in selling their new EVs is their dealer network. Will new EV customers prefer to continue going to their regular auto dealer to buy their new EV?\nAlmost all legacy automakers worldwide are developing and launching EVs including Volkswagen, Peugeot, Renault/Nissan/Mitsubishi, Hyundai/Kia. Let's look a little more closely at GM and Ford as the leaders in the U.S.\nGeneral Motors (GM)\nGM has committed to introducing 20 new electric vehicles by 2023, including EVs across Chevrolet, Cadillac, GMC, and Buick. It recently announced that it has already sold out the first-year production of its Hummer electric pickup. By mid-decade, it expects to sell a million EVs per year in its two largest markets: North America and China. As a reference point, Tesla reported deliveries of 367,500 vehicles globally in 2019.\nGM has a solid platform strategy for its EVs. It plans on building its EVs using five interchangeable drive units and three different motors from its Ultium Drive System platform. Ultium energy options range from 50 to 200 kWh, which could enable an estimated range of up to 400 miles. Most of its EVs will have 400-volt battery packs and up to 200 kW fast-charging capability while the truck platform will have 800-volt battery packs and 350 kW fast-charging capabilities.\nThe key building blocks of the Ultium battery system are large-scale, high-energy cells. Engineered in partnership with LG Energy Solutions, they use both advanced chemistry and a smart cell design that's optimized for a broad portfolio of EVs. GM engineers and scientists are actively researching and testing new elements in battery chemistry to lower costs and improve charge times. Ultium can contain either vertically- or horizontally-stacked cells to integrate into vehicle design: vertically for trucks, SUVs, and crossovers, or horizontally for cars and performance vehicles. As new chemistry is developed and becomes available, the battery management system could digitally update the modules.\nGM also has other EV opportunities with its BrightDrop commercial EV service and its Cruise subsidiary. BrightDrop will not just sell delivery EVs, it will provide an entire service platform for commercial delivery customers. Its set of electric delivery vehicles starts with the EV600 and includes the BrightDrop EP1, a pod-like electric pallet. SeeGeneral Motors' Aggressive EV/AV Strategies May Payoff Big.\nWith its highest stock price of $61.65, GM's current market cap is approximately $89 billion, increasing primarily because of its progress with EVs. This approximately 3X valuation in 2018, but still only 13% of Tesla.\nFord (F)\nFord is also investing heavily in EVs. It just introduced the Mustang Mach-E, a battery-powered crossover with sports car styling, and plans to introduce an all-electric version of its best-selling F-150 pickup later this year. Also, planned is an electric edition of the full-size Transit van, which has been popular in the commercial delivery market. Ford has confirmed plans to build a luxury Lincoln crossover on a battery-powered platform provided by Rivian. The automaker also plans to introduce two new midsize electric crossovers, one each for the Ford and Lincoln brands by 2023.\nMustang Mach-E. Source: Ford\nFord's market cap is approximately $51 billion, twice its previous market cap, and also increasing.\nConsumer Retail EV Companies\nThe consumer retail market has some unique characteristics for new EV companies. Sales are made individually, not in fleets. This diversifies the risk upon launch because only a sufficient number of customers need to be attracted to the new EV. A wave of popularity can provide terrific momentum.\nHowever, the lack of a dealer network can be an impediment. Selling EVs directly to consumers instead of through dealers is prohibited in most states. By law, auto manufacturers can't compete with franchised dealers. These are laws that go back many decades to protect dealers. This can be a major impediment for new companies without established independent dealer franchises. So, new AV companies. like Tesla, need to sell their vehicles online. Tesla has successfully done this, but it took a lot of work and time. Lack of a dealer network also creates impediments in service.\nIn addition, over the next 4-5 years, autonomous capabilities will be increasingly important to luxury vehicles. This may prove to be a challenge to start-up EV companies because they can't afford to develop this technology.\nLet's look closer at the alternative consumer retail EV investments.\nLucid Motors (CCIV)\nLucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. The company rebranded itself as Lucid Motors in October 2016 and shifted its strategy to develop an all-electric, high-performance, luxury vehicle. Shortly after that, it encountered financial difficulties and struggled to get short-term funding. In 2018 it raised more than $1 billion in investment, primarily from Saudi Arabia's Sovereign Fund, and gave up a majority of the company.\nLucid Motors reached an agreement to become a publicly-traded company through a merger with the SPAC Churchill Capital IV Corp., in one of the largest deals SPAC EV deals. The combined company, in which Saudi Arabia's Sovereign Fund will continue to be the largest shareholder, had a transaction equity value of $11.75 billion (for $10/share). At the same time, it closed a PIPE investment priced at $15 a share, giving it an implied pro forma equity value of $24 billion. Rumors about this deal circulated before the transaction was formally announced, making it one of the most anticipated SPAC deals. The hype and speculation drove up the stock price of Churchill Capital IV Corp. from its opening price of $10 a share to almost $60. I believe that some of this may have been driven by novice SPAC investors who didn't realize that the valuation of CCIV didn't include the eventual valuation of Lucid. The share price dropped more than 30% after the details of the deal were announced. It's also likely that Lucid renegotiated the terms of the merger based on the price jump.\nThe company's first product is the Lucid Air, a well-equipped luxury electric vehicle that features 406 miles of projected range and 480 horsepower with a starting price of $77,400, or $69,900 after the U.S. Federal Tax Credit of $7,500. This new Lucid Air model is positioned as a high-performance, ultra-efficient luxury EV sedan in a line of future vehicles that are expected to include Lucid Air Touring, Grand Touring, and Dream Edition versions.\nThe company plans to begin production and deliveries of the Lucid Air in North America in the second half of 2021. Previously the company aimed to begin deliveries earlier in 2021. It intends to sell the car in Europe in 2022, followed by China in 2023. Lucid vehicles will be produced at its new factory in Casa Grande, Arizona. The company plans to expand the factory in phases in the coming years to have the capacity to produce 365,000 units per year at scale. The initial phase of the $700 million factory construction was completed late last year and will have the capacity to produce 30,000 vehicles a year.\nLucid also apparently has a commitment to build an assembly plant in Saudi Arabia, which was rumored to be a condition of the $1 billion investment from the Saudi public fund. The Saudi Sovereign Wealth Fund also provided $600 million in bridge financing and invested in the SPAC deal as well. So, while this assembly plant may be expensive and may not be critical, it will most likely need to happen.\nLucid has ambitious plans to achieve $14 billion in revenue in 2025, and its current stock price at $29.17, which gives it a market cap of more than $46 billion, may already reflect those ambitions. Its market cap is roughly the same as Ford.\nFisker (FSR)\nFisker, which had its origins with Fisker Automotive, is an interesting story that ended in bankruptcy. Henrik Fisker originally co-founded Fisker Automotive in 2007. He was responsible for designing many premium cars such as the Aston Martin. Subsequently, Fisker Automotive had to deal with a Tesla lawsuit against Fisker Automotive alleging it stole Tesla's technology, a controversial $528.7 million conditional loan from the Department of Energy, a recall of its battery produced by A123, and the loss of several hundred vehicles in hurricane Sandy. Henrik Fisker resigned in March 2013 because of disagreements over business strategy and in November 2013, Fisker filed its Chapter 11 bankruptcy case.\nHowever, Henrik Fisker retained the Fisker brand and trademarks, and in 2016 he started another electric vehicle company named Fisker Inc. with the Fisker brand and trademarks. In 2019, Fisker shifted from developing a sports car with a solid-state battery to the Ocean SUV featuring a lithium-ion battery, which it later abandoned for a solid-state battery.\nFisker is positioning itself in a unique segment for those who want the most environmentally friendly EV. While this may be an early growth segment for EVs, it's difficult to estimate its eventual competitive advantage and the size of this environmentally-friendly market segment.\nThe Ocean is a crossover made of recycled metal and plastic with an expected base price of $37,499, and an expected lease of less than $400 a month. Fisker's plan is essentially a lease-only business model that lets customers keep a vehicle for years or return it at any time. It aims to source motors, batteries, and other components from technical partnerships with automakers and will outsource production from existing auto plants. Fisker is currently taking reservations at $250 for the Ocean. It also announced an agreement with Foxconn to jointly develop a vehicle pioneering a new market segment to be sold globally under the Fisker brand commencing in Q4 2023. at the end of 2022. Production will start at Magna Steyr's manufacturing facilities in Europe. At the end of February 2021, it had 12,467 cancellable reservations.\nFisker Ocean. Source: Fisker\nFisker went public using a SPAC (Spartan Energy). The original combination with SPAQ in October 2020 was valued at $2.9 billion with a cash investment of approximately $1 billion. The stock currently trades at approximately $21 per share, after reaching a high of $28.50, from the original price of $10, which is a market cap of $4.6 billion. Fisker projects $3.3 billion in revenue in 2023. It had almost $1 billion in cash at the end of 2020 and expected to use almost half of this in 2021: $250 million on operating expenses and $250 million in capital investments. If the Ocean is delayed into 2023, Fisker risks missing its revenue objective and will potentially need additional cash to complete development and launch.\nFaraday Future (PSAC)\nFaraday Future was originally established in May 2014 by Chinese businessman Jia Yueting. It is headquartered in Los Angeles and has offices in Silicon Valley, Beijing, Shanghai, and Chengdu. Faraday Future also had a turbulent history. In 2016, it struggled financially, and in 2017 some key executives departed over a dispute about financial issues. They later founded Canoo.\nIn December 2018 the company announced layoffs due to a cash crunch and financial troubles. The company's founder Jia Yueting filed for personal bankruptcy in the United States' federal court in Delaware on October 14, 2019. Following Jia's personal bankruptcy, he decided to step down from his role as CEO of Faraday Future in order to assume a new position as the Chief Product and User Officer. He was replaced as CEO by Carsten Breitfeld, the former CEO at rival electric vehicle startup Byton.\nSomehow, Faraday was able to raise $2.3 billion in private funding over 5 rounds from a variety of investors. In early 2018, it received $1.5 billion in funding from an undisclosed investor from Hong Kong.\nFaraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.\nFF 91. Source: Faraday Future\nIts strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.\nFaraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.\nThe Primary Manufacturing Facility for FF 91 is in Hanford, CA with contract manufacturing for future models in Gunsan, South Korea.\nFaraday Future is planning high-Level automation with a Level-3 capable system using a redundant safety architecture based on NVIDIA Xavier System-on-a-chip. It will be capable of highway auto-drive and hardware ready for advanced auto-drive. It is targeting full autonomous valet parking & summon in any parking lot or structure. Eventually, it expects full auto-drive, including full 360˚ sensor coverage for advanced auto-drive & auto-park features.\nIn January 2021, Faraday Future announced that the company would go public through a reverse merger with the special purpose acquisition company Property Solutions Acquisition Corp. (PSAC). The combined company will be valued at $3.4 billion. Faraday Future is expected to set up contract manufacturing operations in China through their partnership with Geely. Taiwanese manufacturer Foxconn is also expected to serve as an additional strategic partner.\nFaraday Future projects $10.5 billion in revenue in 2024 and $21.5 billion in 2025. Revenue is expected to start in 2022 with the delivery of 2,400 vehicles for $504 million. Most likely these projections could prove to be optimistic. At a current stock price of approximately $12.80, it has a market cap of about $4.3 billion.\nLordstown Motors (RIDE)\nLordstown Motors based in Lordstown, Ohio, was originally founded in 2018 by Steve Burns, the former CEO of Workhorse Group. The company licensed technology from Workhorse in return for royalties and a 10% ownership. Lordstown is named after the famous GM Lordstown manufacturing plant, which it acquired in November 2019 in an unusual transaction. GM announced that it was closing the plant and was under a great deal of pressure for that decision. So, GM \"sold\" the plant to a company that was renamed Lordstown for an estimated $20 million that it loaned to the acquiring company. Subsequently, the sale was redefined to be part of a $75 million investment by GM, of which $50 million was an in-kind exchange for the plant.\nLordstown went public through the SPAC DiamondPeak Holdings Corp. in 2020. It currently has more than 400 employees.\nIts first product is the Lordstown Endurance, a full-sized EV pickup truck. Lordstown is positioning Endurance for the pickup fleet market segment. The expected price is $52,000+, and it claimed to have more than 100,000 pre-orders by January 2021. However, a recent research article published by a short seller claimed \"Our research has revealed that Lordstown's order book consists of fake or entirely non-binding orders, from customers that generally do not even have fleets of vehicles.\" Lordstown is disputing that article.\nIt believes the fleet pickup market segment is underserved with no current EV-focused competition. It estimates that the full-sized pick-up truck fleet market is 1.2 million vehicles per year in the U.S., but it's more fragmented than other truck fleets. Pickup \"fleets\" tend to be much smaller and local, so there may not be much of a market distinction for a small company buying several EV pickups from a traditional auto dealer. About half of the total U.S. pickup market is classified as fleet sales, meaning more than one.\nEven though Lordstown is targeting the commercial fleet market, it is a similar product to the Ford EV F-150. So I classify it in the consumer EV category. It is a class 2 vehicle. Lordstown also may enter the SUV market in the longer-term.\nThe Endurance will compete against future models from Rivian and Tesla, as well as Ford and GM in ICE pick-ups and their upcoming EV pick-ups. Ford plans on selling its EV F-150 in mid-2022. Initial production of the Endurance is expected in the second half of 2021, so it may have a short market advantage. Nevertheless, it forecasts selling 65,000 vehicles in 2023 and 107,000 in 2024. These estimates could be a large percentage of the EV pick-up market in those years.\nAt the SPAC merger, the implied valuation for Lordstown was $1.6 billion, including a $500 million PIPE and the $75 million by GM. Lordstown's financial projections appear to be aggressive. It projects to start shipping the Endurance in late 2021 with projected revenue in 2022 of $1.7 billion, increasing to $5.8 billion in 2024. Its stock price at approximately $13.60 values the company at a market cap of approximately $2.2 billion. The value of the company depends on the likelihood of achieving its projections.\nA fleet sales strategy makes sense for Lordstown since it would be too expensive to build a retail sales and service capability. However, it's not clear that this will become a distinct competitive advantage. Some small fleets may still prefer to buy their EV pickups from established local dealers with service capabilities.\nCanoo (GOEV)\nCanoo started as Evelozcity in 2017 and rebranded as Canoo in the spring of 2019. Canoo is a Los Angeles-based company that develops electric vehicles. It has over 350 employees. Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space, which is adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, simply named the Canoo that will be available by subscription, followed shortly after by a multi-purpose delivery vehicle and a sports vehicle, each built off of the same underlying platform. Canoo went public using a SPAC (Hennessy Capital Acquisition) and now trades as GOEV.\nCanoo's all-electric skateboard-like platform is designed to support both consumer retail and commercial vehicle configurations. The EV leverages Canoo's flat skateboard architecture for a high level of usable interior space. Its commercial vehicle program, expected in 2023, addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume.\nHyundai Motor Group said it would jointly develop an electric vehicle platform with the company.\nCanoo's platform strategy is interesting. It could be used as an EV platform for custom fleets of delivery vehicles. It has no AV development, but it claims to be \"AV Ready\" which could be useful for AV companies wanting to build custom AV delivery fleets.\nIts all-electric multi-purpose delivery vehicle is expected to be priced starting at approximately $33,000. It is based on Canoo's proprietary electric platform and will be offered in two initial size variants, with others to follow. Limited availability will begin in 2022, with scaled production and launch planned for 2023. Customers can pre-order the multi-purpose delivery vehicle for a refundable deposit of $100 per vehicle\nIt plans to offer two multi-purpose delivery vehicles: the MPDV1 and the larger MPDV2. The first has a 200-foot cargo volume and a range of 130-200 miles. It offers more capacity than today's ICE delivery vehicles at an affordable price with urban mobility enabled by a space-efficient footprint. The vehicle is also designed to fit within many height-restricted areas like parking garages.\nThe MPDV2 has a cargo volume of 450 feet and a range of 90-190 miles. Its roof and step-in height enable individuals to easily walk-in the vehicle and accommodate a standing position while inside.\nThe original SPAC transaction provided approximately $600 million, with a pro forma equity value of approximately $2.4 billion. Like other SPAC mergers, its stock price has fluctuated. It currently trades at about $15.90 per share for a market cap of approximately $3.7 billion. Canoo projects $2.0 billion in revenue in 2025 from about $500 million in engineering services, $1.2 billion from its consumer vehicle subscriptions, and the remainder from its commercial program. Canoo expects revenue of more than $300 million in 2022 after the launch of its lifestyle consumer vehicle.\nSince its first products are aimed at consumers, as is most of its forecasted 2025 revenue, I categorize it primarily as a consumer EV company. However, I think the design of that Canoo vehicle may not attract enough customers. More importantly, its subscription service way of selling its EV to consumers is risky. I think it has more potential in the commercial market, however, a dual strategy (consumer and commercial) is challenging. I like its skateboard platform design and that could prove to be a competitive advantage.\nRivian\nAlthough not yet public, I include Rivian because it has plans for an IPO as soon as Sept 2021, although it could slip into 2022. There are rumors that the company is targeting a market valuation of approximately $50B. Rivian has already raised more than $8 billion to date from Amazon, Ford, T. Rowe Price, and others.\nRivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company's adventure products, as well as B2B products such as the Amazon last-mile delivery vans. The company's initial products, the R1T and R1S, provide a combination of performance, off-road capability, and utility. These vehicles will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to begin in summer 2021. The launch of the R1S three-row electric SUV will follow in August.\nAdditional lower-priced models are being planned. The expected R2 series would include at least two smaller electric vehicles to coincide with the smaller platform, then another platform for R3.\nCommercial Delivery EV Companies\nEV truck companies differ based on the type of truck they are developing. The technology and markets are very different, so I separate them into two categories. The first category includes commercial delivery vehicles.\nCompanies making EV delivery vehicles have some major advantages that could make them good investments. First, delivery vehicles typically travel less than 250 miles during a day, so they can be conveniently recharged overnight. Secondly, they are typically sold in large quantities to fleets. This means that building a retail sales infrastructure is not necessary. It only requires a small salesforce. In addition, maintenance can also be provided at the fleet's operational center, so not as many service centers are required.\nThe disadvantage in this market is that there are a relatively small number of customers that buy in large volumes, so if the EV manufacturer can't get enough large customers, they may not be able to stay in business. GM estimates the combined market opportunity for parcel and food delivery, as well as reverse logistics, in the U.S. will be more than $850 billion by 2025.\nThe commercial market is expected to be a major growth area for EVs. Other start-up automakers like Rivian as well as legacy automakers such as Ford, Daimler, and GM have announced plans to enter the segment. GM recently announced its BrightDrop ecosystem for commercial customers that includes an all-new electric delivery van, the EV600 available by the end of 2021, as well as an integrated autonomous pallet and related services.\nThis group of EV companies focuses primarily on commercial delivery. In general, these are in the light-duty trucks category, although it also includes some medium-duty trucks. This generally includes the following commercial truck classes:\n\nClass 1: This class of trucks has a GVWR of 0-6,000 pounds or 0-2,722 kilograms.\nClass 2: This class of trucks has a GVWR of 6,001-10,000 pounds or 2,722-4,536 kilograms.1\nClass 3: This class of trucks has a GVWR of 10,001-14,000 pounds or 4,536-6,350 kilograms.\n\nIt can also include somewhat larger medium-duty EV delivery trucks:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\n\nEV delivery trucks also have an advantage over ICE vehicles because they can have a greater delivery storage space. Smaller buses and transit vehicles are also included in this category.\nLast-mile package delivery is not an immediate-term autonomous vehicle opportunity because it requires a delivery person to be on the truck anyway.\nWorkhorse Group (WKHS)\nWorkhorse has been a public company for ten years. Originally AMP Electric Vehicles, it was established in 2007 as a developmental-stage vehicle electrification company, focusing on conversions. AMP Electric Vehicles went public in 2010 trading on the OTC market under the AMPD symbol. When the economic benefits of conversion became less certain, it pivoted away from passenger vehicles and began to focus on electrifying commercial vehicles. AMP acquired the Workhorse brand and the Workhorse custom chassis assembly plant in Union City. In March of 2013, AMP formally changed its name to Workhorse Group Incorporated.\nThe Company designs and builds a last-mile delivery electric vehicle. The C-Series EVs cover the larger size of commercial delivery vehicles in Classes 3-5. As part of its solutions, it also develops cloud-based, real-time telematics performance monitoring systems. It sells its vehicles to fleet customers directly and through its primary distributor, Ryder Systems. It is currently focused on bringing the C-Series electric delivery truck to market and fulfilling the existing backlog of orders.\nThe C-Series looks like a viable EV replacement for the 350,000 last-mile delivery vehicles sold in the U.S. annually. It recently announced an increased driving range from 100 miles to 160, which should open more market opportunities. It has a viable short-term go-to-market strategy selling fleets to delivery companies. It currently has test vehicles with UPS, DHL, FedEx, Amazon, and Walmart.\nWorkhorse recently lost out on the United States Postal Services Next Generation Delivery Vehicle project, however, it is in the process of challenging this decision. Additionally, its investment in Lordstown also provides an indirect investment opportunity. On November 7, 2019, the Company entered a transaction with Lordstown Motors to grant LMC a perpetual and worldwide license to certain intellectual property relating to its W-15 electric pickup truck platform and related technology in exchange for royalties, equity interest (approximately 10%) in LMC, and other considerations. This was a $320 million asset for Workhorse at the end of 2020.\nWorkhorse received a significant increase in orders in Q4/2020 but built just seven trucks in the fourth quarter due to production systems and supply chain issues. Workhorse plans to continue to take it slow, striving to build three of its composite-body battery-electric trucks a day in March with a plan to reach 10 trucks a day by the end of June. This makes its original 2021 goal of producing 1,800 trucks unlikely. It partnered with Hitachi and Hitachi Capital America (\"HCA\") to improve the Company's manufacturing, operational, and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers.\nWorkhorse has a market cap of approximately $1.9 billion. While Workhorse had ongoing revenue, unlike many other new EV companies, its revenue is still insignificant. It had a revenue of $1.4 million in 2020 and $377,000 in 2019. It has a backlog of over 8,000 vehicles but doesn't expect to be able to build many of those in 2021. It raised $270 million in capital over several financings, providing the Company with additional capital to build its backlog. It had cash of $215 million as of March 1, 2021. Because Workhorse is a traditional public company, it hasn't made long-term financial projections like SPAC-based companies.\nElectric Last Mile (FIII)\nElectric Last Mile, based in Troy Michigan, was founded by Jason Luo, former CEO of Ford China before it was acquired by China's Ningbo Joyson Electronic for $920 million in 2016, including James Taylor, former CEO of GM's Hummer brand and former CEO of electric car maker Karma Automotive. Taylor serves as the company's top executive with Luo as the company's chairman.\nThe company plans to launch a small electric delivery van (class 1-2), called the UD-1, in the third quarter of 2021, and then introduce an Urban Utility vehicle (Class 2-3) in 2022. These are expected to compete with Workhorse, Rivian, Canoo, as well as the Ford eTransit and the GMC BV1, none of which is expected to be a Class 1 vehicle.\nThe company says it has 30,000 preorders for its van, representing more than $1 billion in sales. Electric Last Miles vehicles will be based on Sokon's commercial van made in China through a joint venture with Dongfeng Automobile Co Ltd. in order to accelerate development time.\nElectric Last Mile (ELM) is expected to manufacture the vans in a former General Motors Co. Hummer plant in Mishawaka, Ind., that the company is acquiring from China's Chongqing Sokon Industry Group Stock Co. Ltd. The plant has the capacity to produce 100,000 vehicles annually with plans to build approximately 4,000 UD-1 vans by the end of 2021. The UD-1 has a starting price of $32,500 and a range of 150 miles. The battery for the vehicle is expected to be supplied by the Chinese battery company CATL.\nELM believes that it has a competitive advantage because its first vehicle, the ELM Urban Delivery, is scheduled to be available in 2021. It is based on a proven, existing platform developed and sold by Sokon Group in the Asian market, where there are 30,000 of these electric delivery vehicles driving 1.5 million miles every day. At the close of the business combination, ELM will be an independent, U.S. company producing electric vehicles in the U.S. with Sokon Group providing access to its know-how, parts supply, and field and service data.\nELM expects that the Urban Delivery vehicle will be the first electric delivery vehicle coming to market in the class 1 category (GVW of 6,000 lbs or less) in the U.S. It will also have 35% more carrying volume compared to similar ICE delivery vehicles, a critical part of the value proposition. It also anticipates that its price and greater carrying volume will allow it to take market share from the class 2 category of vehicles as well.\nIts crossover product portfolio strategy targets commercial delivery vehicles spanning from class 1 to class 3, which represents over 80% of the last mile market.\nELM anticipates $122 million in revenue in 2021, rapidly increasing to $3 billion in 2025. The price of FIII stock increased immediately following its announcement with Electric Last Mile, rising more than 40% to $14.50, but now it has dropped closer to the original deal price to $10.25 for a market cap of approximately $1.5 billion.\nGreenPower Motor Company (GP)\nGreenPower Motor Company Inc. is a Canadian battery-electric bus manufacturer with multiple models of high- and low-floor vehicles, including transit buses, school buses, and shuttles. GreenPower offers commercial vehicles for delivery, public transit, schools, vanpooling, micro-transit, shuttles, and is developing a capability of autonomous operation. It went public on August 28, 2020.\nIn 2014 GreenPower launched its first purpose-built, battery-electric bus, the EV350, 40-foot transit bus. GreenPower received its first order in 2017 for ten EV350s from the City of Porterville, California.\nGreenPower's electric buses are purpose-built and designed to be all-electric, allowing it to put the battery and propulsion system in optimized locations that provide weight and structural advantages. Its primary EV is the EV Star with more than 120 vehicles delivered. It comes in several variations:\n\nEV Star - Up to 19 passengers\nEV Star Plus - Up to 24 passengers\nEV Star ADA - Passenger and curbside lift for ADA\nEV Star Cargo - 5,000 pounds of load\nEV Star Cargo Plus - 570 cubic feet of cargo space.\n\nIts EV school bus seats up to 90 students and has a range of up to 150 miles.\nGreenPower had revenue of $13.5 million in 2020 It has about $21 million in cash. It's an interesting alternative since it is already shipping EVs, has revenue, and also has a lower market cap of less than $1 billion. Since it did a traditional IPO, it hasn't published longer-term financial forecasts.\nArrival (CIIC)\nArrival was founded in 2015 in London to make a variety of commercial electric vehicles. It has approximately 1,200 employees across 11 cities in 8 countries. In November 2020, Arrival and the SPAC CIIG entered into a business combination agreement with an implied valuation of $5.39 billion.\nArrival plans on releasing four commercial EVs over the next few years.\n\nQ4/2021: An electric bus for 8-125 passengers and a range of 240-400km\nQ3/2022: An electric delivery van with a payload of 975-2,000kg and a range of 150-340km\n2022: A larger electric van with a payload of 4,000 kg and a range of 190-400km\n2023: a small vehicle platform with a range of 100-300km.\n\nThis mix provides a nice diversified portfolio of EVs. Arrival claims to have received orders from UPS for 10,000 vans. It plans a unique flexible manufacturing approach using micro-factories with each projected to manufacture 10,000 vans per year. All of its vehicles use a modular skateboard electric platform.\nArrival ambitiously projects $14.1 billion in revenue in 2024. Half of that revenue is expected from delivery vans, 22% from buses, and the rest from the large van and its small vehicle platform. With CIIC's stock price at $24.80 per share, Arrival's current market cap is relatively high at approximately $15.0 billion. Justifying its market cap depends on its ability to release, sell, and produce its four commercial EVs.\nProterra (ACTC)\nProterra is a commercial electric vehicle company with over a decade of production experience. The Company has designed an end-to-end, flexible technology platform that claims to deliver higher performance and a low total cost of ownership to original equipment manufacturers (OEMs) and end customers.\nProterra, Inc., was originally founded in Golden, Colorado, by Dale Hill in 2004. Later the company wanted to take the lead in creating zero-emission, U.S.-based transit buses. In 2010 it moved its manufacturing plant from Golden, Colorado to Greenville, South Carolina. In 2015, Proterra was awarded a $3 million grant from the California Energy Commission to fund the design, development, and construction of the company's battery-electric transit bus manufacturing line in the City of Industry, California. It moved its headquarters from Greenville, South Carolina, to Burlingame, California, in October 2015. Proterra raised more than $600 million in funding.\nIt is going public through the SPAC ArcLight (ACTC) with a pro forma valuation of $1.6 billion. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program.\nProterra has three complementary businesses:\n\nProterra Powered: Delivering battery systems and electrification solutions to commercial vehicle manufacturers\nProterra Transit:Providing an electric transit bus OEMs\nProterra Energy:Offering turnkey charging and energy management solutions.\n\nThe company's battery systems have been proven in more than 16 million service miles driven by its fleet of transit vehicles and validated through partnerships with commercial vehicle OEMs. Proterra has produced and delivered more than 300 megawatt-hours of battery systems, more than 550 heavy-duty electric transit buses, and installed 54 megawatts of charging systems.\nProterra expected $193 million of revenue in 2020, with an estimated $750 million in existing orders and backlog. It projects $2.5 billion in revenue in 2025, with about 1/3 coming from its Transit business, and 2/3 From Powered & Energy. At ACTC's current stock price of $17.85, Proterra has a market cap of about $4.3 billion.\nRivian\nRivian (see earlier description in consumer retail) will also compete in the commercial delivery market. It has been working with Amazon (a major investor) to build large electric delivery vans for Prime. Developed specifically for Amazon, a small fleet of Prime vans is on the road now, testing deliveries to customers and gathering feedback. In late fall, it could grow to a large fleet as Rivian ramps up the volume.\nThe EV range of 150 miles is tailored to Amazon's use cycle to optimize the size, weight, and cost of the commercial vehicle. Rivian has three sizes of batteries, but Amazon is starting with just one of them.\nCanoo (GOEV)\nSee the previous summary under consumer retail EV.\nMedium and Long-Haul Trucking EV Companies\nCompanies developing medium- and long-haul EV trucks face a more difficult challenge with battery range. These trucks haul much more weight than commercial delivery vehicles and because they are designed for long distances, they can't stop every 200-300 miles for recharging.\nFor this reason, many of these companies are using unique hybrid technologies for their trucks. The EV trucks in this category are primarily heavy-duty but also include some medium-duty trucks and specialty vehicles. A couple of the companies focus on retrofitting trucks to be electric.\nMedium-Duty Trucks\nThe medium-duty trucks category includes commercial truck classes 4, 5, and 6:\n\nClass 4: This class of trucks has a GVWR of 14,001-16,000 pounds or 6,351-7,257 kilograms.\nClass 5: This class of trucks has a GVWR of 16,001-19,500 pounds or 7,258-8,845 kilograms.\nClass 6: This class of trucks has a GVWR of 19,501-26,000 pounds or 8,846-11,793 kilograms.1\n\nHeavy-Duty Trucks\nThe heavy-duty trucks category includes commercial truck classes 7 and 8:\n\nClass 7: This class of trucks has a GVWR of 26,001 to 33,000 pounds or 11,794-14,969 kilograms.\nClass 8: This class of trucks has a GVWR of greater than 33,001 pounds or 14,969 kilograms and includes all tractor-trailers.\n\nThe Tesla Semi is a battery vehicle planned for a range of 300 or 500 miles and a speed of 60 MPH with 80,000 lbs of cargo. Tesla plans to start shipping the Semi later this year when it expects to have sufficient cell volume to meet its needs with the production of its 4680 battery pack.\nNikola(NASDAQ:NKLA)\nNikola has been a very controversial company. Founded in 2015, it originally had two different strategies. Its primary strategy is to lease fuel-cell electric vehicle (FCEV) Class-8 heavy trucks and provide the refueling infrastructure to corporate customers. Its second strategy was to develop the Badger EV truck using GM technology.\nNikola originally merged with a SPAC to go public, at an enterprise value of approximately $3.3 billion. On June 6th, 2020, its market cap jumped to more than $30 billion, then later it dropped because of problems with its originally planned deal with GM.\nNikola originally expected a deal with General Motors that included the production of the Nikola Badger EV pickup truck. The proposed arrangement was that GM would take a $2 billion equity stake in Nikola and in return would engineer and produce the Badger. In November 2020, GM and Nikola scrapped the original arrangement. Now it appears that GM will supply Nikola with only its Hydrotec hydrogen fuel-cell technology to integrate into the EV manufacturer's commercial class 7 and class 8 zero-emission semi-trucks. So, the Badger is probably dead.\nNikola now sees semi-trucks as the company's \"core business\" and fuel cells as an increasingly important segment of the semi-truck market thanks to their efficiency in weight and consumption. It expects to begin testing by the end of 2021.\nIt has received pre-orders from Anheuser-Busch and a few other companies, but it doesn't expect deliveries until 2023. Hydrogen fueling stations are key to its strategy, both providing a source of revenue and necessary fueling infrastructure for the trucks to operate, but they also cost a lot. In its March 2020 investor deck, Nikola said a single station capable of fueling 210 trucks a day would cost $16.6 million. Its initial planned network of 700 stations would cost roughly $11.6 billion.\nNikola was also accused of misrepresentation, and its executive chairman and founder stepped down.\nAt the time of the SPAC merger, it projected an optimistic forecast of more than $3 billion in revenue by 2024, with a net income of $145 million. Most of that revenue was expected to come from its Badger truck, which is no longer in the plans. Yet its market cap is still almost $6 billion.\nHyliion (HYLN)\nHyliion, founded in 2015 in Austin, went public in October 2020 through the SPAC Tortoise Acquisition Corp. (SHLL). In March 2019, automotive parts manufacturer Dana Inc. made an equity investment into Hyliion, and together they are manufacturing and marketing Class 8 EVs to Dana's customers, including Volvo, Navistar, and Peterbilt.\nHyliion's strategy is unique, and a very different strategy from Nikola. Essentially it generates electricity onboard the truck using compressed natural gas (CNG). This should be a benefit for longer-range trucking. Hyliion's Hypertruck concept involves an all-electric drivetrain utilizing Dana's electric motor, inverter, and axle technologies. The truck's batteries are fueled by onboard tanks of CNG. With some 700 CNG stations already operating nationwide, it believes that there no need to build out expensive superchargers or hydrogen infrastructure.\nKuwait-based logistics company, Agility, has already placed an order for 1,000 Hypertrucks with initial deliveries targeted in 2022. Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range.\nHyliion will eventually compete with Nikola (FCEV) and the Tesla battery-based Semi, but it plans to have a longer range and lower operating costs. Its HyperTruck ERX is expected to be available in 2021. It also has a hybrid-electric truck.\nThe combination with SHLL had an estimated market cap of about $1.5 billion, with approximately $530 million going to the company, including a $325 million fully committed PIPE. At approximately $13.50 per share, its current market cap is approximately $2.2 billion, significantly down from its peak. Hyliion projects $2 billion in revenue in 2024, which it claims is only about 2% of the addressable market.\nXL Fleet (XL)\nXL Fleet is a 10-year old company that went public through the SPAC Pivotal. XL is different because it provides fleet electrification modifications for ICE trucks across a wide range of vehicle classes (class 2-5) and types. It has over 200 of the largest commercial and municipal fleets as customers, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's customer base includes FedEx, Coca-Cola, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University.\nXL's business model is essentially retrofitting existing trucks to be hybrids and then later expanding into fully electric truck conversions. It claims to be creating a fully integrated platform for this. It remains to be seen if the retrofitting business will continue to grow or will it diminish when more trucks are designed and manufactured with EV capabilities.\nUnlike some other EV companies that have no revenue yet because they are still developing products, XL is more of a small company doing low-volume retrofits. It had $7.2 million in revenue in 2019, $21 million in 2020, and estimates $76 million in 2021, but it forecasts $1.3 billion in revenue in 2024 in its investor presentation. It plans to do this by expanding its product line from hybrid to plug-in hybrid to fully electric across a broader range of trucks. It claims to have a $220 million sales pipeline for the next 12 months.\nShort-seller, Muddy Waters, claimed after talking to former XL Fleet employees, that it believed the company significantly exaggerated its order backlog, that the return on investment for the company's products was likely negative, and that it would not be able to compete with big car makers on electrification. The company thoroughly refuted these claims.\nThe original enterprise valuation was approximately $1.4 billion at a $10 share price for the merger. Its price jumped by about 35% but has since gone back down to $12.40 for a market cap of about $1.8 billion. Although XL Fleet has revenue and other EV companies don't, this may not be an advantage. It appears to be a small company for many years that has gone public at a high valuation with grand plans. The risks are in its ability to make a jump from $76 million in 2021 to $1.3 billion in 2024, as well as the question about retrofitting being replaced by new EV trucks by then.\nXos (NGAC)\nXos Trucks specializes in the field of manufacturing fully electric commercial vehicles. It features a software platform that is designed to accommodate an extensive variety of medium-duty bodies, wheelbase, and range requirements up to 200 miles. It was founded in 2016 and headquartered in North Hollywood, California. It received $20 million of investment in 2020 and now is going public through a merger with the SPAC ExtGen Acquisition Corporation (NGAC) at an estimated proforma value of $1.965 billion.\nIts focus is on medium- and heavy-duty last mile and return-to-base segments (class 5/6, class 6/7, and class 7/8) commercial fleets and specialty vehicles. Some vehicles are currently in production and in regular on-road operations with key fleet customers, and it claimed 6,000 unit orders in backlog.\nIts MD-platform is for classes 5-6 for pickup and delivery. Its HD X-Platform is an adaptable chassis for highway, vocational, and severe work conditions. Its market is for customers with highly predictable routes that allow for batteries designed for a more limited range. A significantly larger frame and smaller battery pack allow for reduced density.\nXos has a bundled all-in-one offering that allows fleets to access all the tools and services they need to go electric with a single point of contact at a fixed monthly expense.\nXos had $3 million in revenue in 2020 and estimates $14 million in 2021. However, it forecasts $5.2 billion in revenue in 2025. At the current stock price of $10.30, its market cap is approximately $2 billion, about the same as its original SPAC transaction.\nLion Electric (NGA)\nLion Electric is a Canadian company founded by Marc Bédard in 2008. Its focus is to be a leader in designing, developing, and manufacturing purpose-built urban electric vehicles; vehicles that are specifically designed as delivery trucks, refuse trucks, bucket trucks, moving trucks, school buses, and shuttle buses. It has over 300 all-electric vehicles on the road today.\nIn November 2020, it announced that it was going public through the SPAC NGA. The transaction had an estimated pro forma enterprise value of $1.5 billion.\nIt plans on seven new truck models and one new school bus, for a total of 15 all-electric vehicles, representing a full line-up from class 5 to class 8 electric trucks and a full line-up of electric school buses. Its vehicles are produced at its existing manufacturing plant, which has the capacity for the production of up to 2,500 vehicles per year. It intends to open a new plant in the U.S. capable of delivering over 20,000 Lion trucks and buses per year by 2022.\nIts all-electric class 6 and class 8 commercial urban trucks combine power, comfort, and modern technology. Custom-built chassis and cabin designed specifically for an all-electric heavy-duty vehicle. The LionC is an all-electric Type C school bus manufactured in North America. The body and chassis were specifically designed to deliver optimal performance. The LionM is an all-electric midi/minibus that meets paratransit and public transportation requirements. Created and designed specifically for the paratransit market, the is spacious and offers unique features that provide enhanced security and accessibility to the end-users.\nLion Electric had $29 million in revenue in 2020 and expects $204 million in 2021. It forecasts revenue to jump to $3.6 billion a few years later in 2024. Its current market cap is approximately $3.6 billion based on its current stock price of $18.33.\nLightning eMotors (GIK)\nLightning eMotors, formerly Lightning Systems, was founded in 2008 and is headquartered in Loveland, Colorado. It provides fleet electrification for familiar commercial vehicle platforms by retrofitting them with its electric powertrains. Lightning eMotors produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, ambulances, bucket trucks, chassis-cab models, and city transit buses. It focuses on urban commercial zero-emission vehicles with a full range of class 3 through class 7 battery-electric and fuel-cell electric vehicles.\nLighting eMotors helps commercial fleets achieve their sustainability goals by offering zero-emission battery-electric vans, trucks, and buses based on familiar, proven vehicles from manufacturers such as Ford and GM. It works with customers, to help them identify their unique commercial electric vehicle, charging, and grant support needs.\nThe Lightning products include integrated all-electric powertrains for the Ford Transit 350HD passenger and cargo vans, Ford E-450 shuttle bus and cutaway models, Ford F-59 step/food van, Ford F-550 cargo trucks and buses, Chevrolet 6500XD Low Cab Forward model, and 30-foot, 35-foot, and 40-foot transit buses.\nLightning has 120 vehicles on the road, and 1,500 vehicles already on order from customers. In addition to making vehicles and powertrains, Lightning also provides a full suite of charging solutions for customers.\nThe deal with GIK has an enterprise value of $650 million, although there is also an Earnout of 20.0% of total pro forma shares outstanding to Lightning eMotors shareholders if the stock crosses certain price thresholds.\nAt the current price, of $11.73, GIK has a market cap of approximately $1 billion, a little more than the original transaction valuation. Similar to XL Fleet, Lightning has the risk that retrofitting may only be an interim business opportunity until more EV trucks are produced.\nPublic Chinese EV Companies\nChina will be the biggest EV market opportunity, and EV start-ups may do better there because there isn't as much entrenched competition from domestic auto companies. China is already the largest EV market in the world, with almost a million EVs sold in 2019. Its EV market represents almost half of the global EV sales volume and is much larger than the U.S. market.\nThe Chinese government has ambitions to become a global leader in new energy vehicles. Soon after the coronavirus outbreak subsided within the country, Chinese authorities announced new policies to support the auto and electric vehicle industries.\nThese Chinese companies are traded through American depository shares (ADS) that contain certain risks. There are financial reporting and transparency risks with these companies, and on top of that, the newer companies are being classified as \"emerging growth\" companies that are already exempt from certain transparency requirements set out in the Sarbanes-Oxley Act of 2002. Like the previous EV stock, these stocks have also been very volatile.\nIn addition to legacy auto manufacturers like BYD, there are also three Chinese EV companies that are publicly traded through American depositary shares.\nBYD Co., Ltd. (OTCPK:BYDDY)\nBYD, which means build your dreams, is the automotive subsidiary of the Chinese multinational BYD Co Ltd. It was founded in January 2003, following BYD Company's acquisition of Tsinchuan Automobile Company. The company produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries, and trucks. The current model range of automobiles includes electric vehicles, plug-in hybrids, and petrol-engined vehicles. Thirteen years ago, on the advice of his famously skeptical lieutenant, Charlie Munger, Warren Buffett made a $232 million investment in BYD, a relatively unknown Chinese car company.\nBy parlaying BYD's rechargeable battery technology into a fast-growing carmaking operation, it gained a foothold in the fledgling electric vehicle market, building longer-lasting batteries and cheaper vehicles than American and Japanese manufacturers were managing to do at the time. In BYD, Buffett and Munger believed they had found a company with a shot at one day becoming the largest player in a global automobile market that was inevitably going electric.\nBYD's start to 2021 was strong with 19,871 plug-in electric cars sold in January in China, including hybrid plug-ins. That was a big increase over 2020 but not as much as 2019.\nLI Auto (LI)\nLixiang, formerly known as Chehejia (\"Car and Home\"), was founded in 2015 and went public in the U.S. on July 30th, 2020. It is a Beijing-based electric-vehicle startup with vertically integrated manufacturing. It designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles.\nThe company's SUVs are hybrids of a sort. They use electric motors (one on the front axle and one on the rear), but those motors are powered by a combination of a 40.5kWh battery packanda 1.2-liter turbocharged engine paired to a 45-liter fuel tank and a 100kW electric generator, which generates power for the battery pack in real-time. The idea is that the car can be driven for about 100 miles on battery power alone, but it has a total range of nearly 500 miles when leveraging the combustion engine generator.\nThe Company's primary product is an SUV under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. Li Auto is looking to sell a variety of SUVs built on its hybrid technology that range from around $21,000 to about $70,000. The company started shipping its first model in late 2019. It's a midsize SUV is well-appointed and has lots of touchscreens and technology. A full-size premium version is planned for release in 2022.\nDeliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record. Deliveries for the full year 2020 reached 32,624 vehicles. Revenue in the fourth quarter was $635 million.\nLI auto went public on July 30th, 2020, raising $1.1 billion at an initial price of $15.50 per share but quickly reached almost $24. It is currently valued at approximately $37 billion at a price of approximately $25.72 per share.\nXPeng (XPEV)\nXiaopeng (XPeng) Motors is a Chinese electric vehicle and technology company that designs and manufactures smart cars. It was founded in 2015 and went public on August 27, 2020, using American depository shares, raising about $1 billion. To date, it has raised about $2.6 billion.\nXPeng aims its EVs at technology-savvy middle-class Chinese consumers, with prices ranging from $22,000 to $45,000 after government subsidies. In some ways, it is a Tesla knock-off at a much lower price. XPeng started production of the G3 in November 2018, and as of July 31, 2020, delivered 18,741. It started production of the P7 and began delivery in May 2020, and as of July 31, 2020, it had delivered 1,966 EVs. The P7 has a range of more than 400 miles. It plans to launch a third Smart EV, a sedan, in 2021. The G3 was among the top-three best-selling electric SUVs in China in 2019.\nXPeng is interesting because it has a platform strategy and is moving aggressively into autonomous driving. It uses a platform strategy to expand product offerings by launching one Smart EV model each year to broaden the addressable market. It builds new models on two highly flexible Smart EV platforms, called David and Edward, respectively. The David platform has been designed for vehicles with wheelbases ranging from 2,600 millimeters to 2,800 millimeters, and the Edward platform has been designed for vehicles with wheelbases ranging from 2,800 millimeters to 3,100 millimeters. It also adopted a platform approach for software systems.\nXPeng claims to be developing an autonomous driving capability for its EVs. The P7 is the first production vehicle to feature the NVIDIA DRIVE AGX Xavier system-on-a-chip (SoC) autonomous driving platform. The company's Smart Electric Platform Architecture (SEPA) runs on 2 chips - NVIDIA for the XPILOT and Qualcomm's Snapdragon™ 820A for intelligent services and infotainment, including cameras inside and outside, radars, HD-map, and ultrasonic sensors. Like Tesla, it claims it can create sufficiently-autonomous driving without lidar.\nTo enhance brand recognition and allow more people to experience its Smart EVs, it deployed a small number of Smart EVs in a ride-hailing service in Guangzhou on a trial basis, but it has no current plan to scale up a ride-hailing service.\nXpeng sees first-quarter 2021 deliveries rising 450% year-over-year to 12,500 vehicles. Revenues are expected to increase 533% from a year ago. The company didn't provide bottom-line estimates for the quarter, but will likely post another net loss as it ramps up manufacturing, invests in R&D, and builds out a new manufacturing plant set to open in 2022.\nXpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.\nThe stock opened on August 27, 2020 at a price of $15 and a valuation of $11 billion, but its stock jumped more than 40% shortly after. Its current valuation is about $35 billion at a stock price of approximately $36.13 per share. It had about $300 million in revenue in 2019 with a loss of about $500 million.\nNio (NIO)\nUnlike previous companies, Nio has been a public company for some time. It originally went public in the U.S. back in September of 2018, selling IPO shares at $6.26 and raising $1 billion.\nNio's IPO was far from smooth. After going public at $6.26 per share, it traded down to nearly $1. Then in the middle of the coronavirus outbreak, Nio received a much-needed investment of $1 billion from investors, including state-backed entities.\nNio designs, jointly manufactures, and sells smart and connected premium electric vehicles, attempting to develop next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Joint manufacturing means that it uses a state-owned contract manufacturer to build its cars.\nNio plans to provide customers with comprehensive, convenient, and innovative charging solutions and other user-centric services. It began deliveries of the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. Nio officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. It officially launched the EC6, a 5-seater smart premium electric Coupe SUV, in December 2019 with deliveries in 2020.\nNio sold 17,353 EVs in Q4/2020 and 43,728 for the year. It warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.\nNio currently trades at more than $43 per share, including a big jump recently, for a valuation of approximately $48 billion. It had revenue of $2.3 billion in 2019 for a loss of $3.8 billion.\nSummary\nIt's almost a foregone conclusion that EVs will replace ICE vehicles in the next decade, and this should provide exciting new investment opportunities. However, the investment terrain is complex. There are dozens of new start-ups where the public can now invest that were previously exclusively venture capital investment opportunities. Many of these are following different roads to success. There are legacy auto manufacturers that could prosper or get destroyed in this transition. There are some exciting new EV company opportunities in China. And then there is Tesla.\nThis EV roadmap is intended to help investors explore different roads to investment by explaining the basic strategies for these EV companies. These roads can have different opportunities and risks, and the roadmap helps to frame these. Above all, valuation is an overriding risk that is highlighted throughout this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324467162,"gmtCreate":1616026283156,"gmtModify":1704789834030,"author":{"id":"3574837049643334","authorId":"3574837049643334","authorIdStr":"3574837049643334","name":"Shanrong","avatar":"https://static.tigerbbs.com/886c3d734bbb90db86f2447ff217263d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574837049643334"},"themes":[],"htmlText":"Seeing the rise...&nbsp;","listText":"Seeing the rise...&nbsp;","text":"Seeing the rise...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324467162","repostId":"2120136060","repostType":4,"repost":{"id":"2120136060","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616023707,"share":"https://ttm.financial/m/news/2120136060?lang=&edition=fundamental","pubTime":"2021-03-18 07:28","market":"sh","language":"en","title":"Asian stocks set to mostly rise after Fed projects U.S. GDP surge","url":"https://stock-news.laohu8.com/highlight/detail?id=2120136060","media":"Reuters","summary":"NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal ","content":"<p>NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.</p>\n<p>Japan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.</p>\n<p>Australia's S&amp;P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&amp;P 500 rose 0.08%.</p>\n<p>While inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.</p>\n<p>\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"</p>\n<p>The Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.</p>\n<p>\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"</p>\n<p>The S&amp;P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.</p>\n<p>The Dow Jones Industrial Average rose 0.58%, while the S&amp;P 500 gained 0.29%.</p>\n<p>The Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.</p>\n<p>The pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.</p>\n<p>Emerging market stocks lost 0.46%.</p>\n<p>The benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.</p>\n<p>The dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.</p>\n<p>The Australian dollar rose 0.08% versus the greenback at $0.780.</p>\n<p>Oil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate <a href=\"https://laohu8.com/S/WTI\">$(WTI)$</a> crude dropped 20 cents, or 0.3%, to end at $63.68.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Asian stocks set to mostly rise after Fed projects U.S. GDP surge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsian stocks set to mostly rise after Fed projects U.S. GDP surge\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-18 07:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.</p>\n<p>Japan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.</p>\n<p>Australia's S&amp;P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&amp;P 500 rose 0.08%.</p>\n<p>While inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.</p>\n<p>\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"</p>\n<p>The Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.</p>\n<p>\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"</p>\n<p>The S&amp;P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.</p>\n<p>The Dow Jones Industrial Average rose 0.58%, while the S&amp;P 500 gained 0.29%.</p>\n<p>The Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.</p>\n<p>The pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.</p>\n<p>Emerging market stocks lost 0.46%.</p>\n<p>The benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.</p>\n<p>The dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.</p>\n<p>The Australian dollar rose 0.08% versus the greenback at $0.780.</p>\n<p>Oil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate <a href=\"https://laohu8.com/S/WTI\">$(WTI)$</a> crude dropped 20 cents, or 0.3%, to end at $63.68.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","518880":"黄金ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","DUG":"二倍做空石油与天然气ETF(ProShares)","QLD":"纳指两倍做多ETF",".SPX":"S&P 500 Index","OEX":"标普100","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF","IAU":"黄金信托ETF(iShares)","DDM":"道指两倍做多ETF","SPXU":"三倍做空标普500ETF","FXY":"日元ETF-CurrencyShares","QQQ":"纳指100ETF","SH":"标普500反向ETF","SQQQ":"纳指三倍做空ETF","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","FXB":"英镑ETF-CurrencyShares","UDOW":"道指三倍做多ETF-ProShares","IVV":"标普500指数ETF","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","DOG":"道指反向ETF","FXE":"欧元做多ETF-CurrencyShares","USO":"美国原油ETF","GDX":"黄金矿业ETF-VanEck","GLD":"SPDR黄金ETF","DDG":"ProShares做空石油与天然气ETF","QID":"纳指两倍做空ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","EUO":"欧元ETF-ProShares两倍做空","NUGT":"二倍做多黄金矿业指数ETF-Direxion","UCO":"二倍做多彭博原油ETF","DWT":"三倍做空原油ETN","YCS":"日元ETF-ProShares两倍做空","SDOW":"道指三倍做空ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120136060","content_text":"NEW YORK, March 17 (Reuters) - Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.\nJapan's Nikkei 225 futures added 0.12%, while Hong Kong's Hang Seng index futures rose 0.68%.\nAustralia's S&P/ASX 200 index, however, dipped 0.1% in early trading while E-mini futures for the S&P 500 rose 0.08%.\nWhile inflation is expected to reach 2.4% this year, above the central bank's 2% target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero.\n\"If the Fed isn’t going to induce tightening, it’s very bullish for risky assets,\" said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia. \"We should be seeing a mild rally in Asian assets and currencies.\"\nThe Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.\n\"It's sort of shocking ... that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,\" said Christopher Smart, chief global strategist at Barings Investment Institute in Boston, calling it a \"head-turning moment for investors.\"\nThe S&P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Powell's comments that it is too early to discuss tapering-off measures.\nThe Dow Jones Industrial Average rose 0.58%, while the S&P 500 gained 0.29%.\nThe Nasdaq Composite climbed 0.4% and remains down about 4% from its Feb. 12 record-high close.\nThe pan-European STOXX 600 index lost 0.45% and MSCI's gauge of stocks across the globe gained 0.22%.\nEmerging market stocks lost 0.46%.\nThe benchmark 10-year Treasury note US10YT=RR, last fell 4/32 in price to yield 1.6462%.\nThe dollar index dropped 0.5% to 91.405 after the Fed comments. The euro rose 0.7% against the dollar to $1.1978. Against the yen, the dollar fell 0.1% to 108.87 yen.\nThe Australian dollar rose 0.08% versus the greenback at $0.780.\nOil slipped for the fourth day on Wednesday, weighed down by rising U.S. crude inventories and by expectations of weaker demand in Europe, where the vaccine roll out is faltering. Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel, and U.S. West Texas Intermediate $(WTI)$ crude dropped 20 cents, or 0.3%, to end at $63.68.","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}